KUALA LUMPUR (Feb 25): Media Chinese International Ltd's net profit for the third quarter ended Dec 31, 2020 (3QFY21) plunged 59.17% to RM5.58 million, from RM13.66 million a year ago, amid a 44.05% fall in revenue to RM126.39 million, from RM225.88 million a year ago.

The group said in a bourse filing that for the cumulative nine months ended Dec 31, 2020, it slipped into the red with a net loss of RM14.1 million, from a net profit of RM35.55 million a year earlier, as its revenue plummeted 57.14% to RM345.68 million, from RM806.45 million.

The group did not declare any dividend for the latest quarter.

Media Chinese International said its publishing and printing segment's turnover for the current quarter declined by 25.5% to US$31.43 million from US$42.2 million in the same quarter in the previous year, with all of the group's market segments reporting lower revenues.

"This resulted in a decrease in the segment's profit before income tax which fell by 54.7% to US$2.17 million from US$4.8 million a year earlier," it said.

The group said the implementation of Movement Control Orders to curb the spread of the coronavirus has impacted most businesses and weakened retail spending in Malaysia.

Meanwhile, the turnover of the group's Malaysian and other Southeast Asian segments fell by 29.2% to US$19.88 million when compared with the same quarter in the previous year.

"The decline in turnover resulted in a 65.8% drop in this segment's profit before income tax from last year's US$5.14 million to US$1.76 million," it said.

On prospects, the group's chief executive officer Francis Tiong said with the recent resurgence of the coronavirus in many parts of the world, the group expects the remaining quarter of the financial year 2020/2021 to be immensely challenging in all its markets.

"The impact of a traditionally slow season for the group's publishing business in the fourth quarter is likely to make the operating environment more difficult," he said.

He also said the group will continue to focus on monetising its digital assets to expand its revenue base while at the same time maintain its tight cost control strategy.

Shares in Media Chinese International rose 0.5 sen or 3.03% to 17 sen, valuing the group at RM286.83 million.