KUALA LUMPUR (May 28): Media Chinese International Ltd’s net loss for the fourth quarter ended March 31 (4QFY19) narrowed to RM77.76 million from RM81.53 million a year ago, despite lower revenue, as it saw a positive currency impact on its loss before income tax.

Revenue came in 14.6% lower at RM221.78 million from RM259.56 million previously on weaker performances in both its publishing and printing segment, and the tour segment.

"The publishing and printing segment and the tour segment reported decrease in turnover of 14.9% and 12.7% respectively compared with the prior-year quarter.

"For the quarter under review, the group recorded a loss before income tax of US$18.78 million, compared with a loss before income tax of US$20.16 million a year ago. The loss mainly resulted from the provisions for impairment of goodwill and certain plant and machinery totaling US$17.98 million (2017/2018: US$25.86 million)," the group said in a stock exchange filing.

And as the Malaysian ringgit and Canadian dollar weakened against the US dollar, the group saw a negative currency impact of about US$1.49 million on its turnover, and a positive currency impact on its loss before income tax of about US$955,000.

Though it remained in the red, the group declared a second interim dividend of 0.41 sen, to be paid on July 12, versus its 0.74 sen payout a year ago. This brings its year-to-date payout to 1.14 sen, versus 1.76 sen previously.

For its full financial year ended March 31 (FY19), the group’s net loss was flattish at RM46.13 million versus RM46.92 million a year ago, as revenue also was largely the same at RM1.17 billion versus RM1.16 billion previously.

Recall that on May 14, the group had issued a profit warning on both Bursa Malaysia and the Hong Kong Stock exchange that it may post a full-year net loss for FY19, due to a provision for the impairment of goodwill of approximately US$15 million in relation to a business unit of the group.

In a separate statement today, Group Chief Executive Officer (CEO) Francis Tiong said the group expects a challenging operating environment, especially given the current US-China trade war.

Nevertheless, the group will continue to improve its content in the publishing business to meet readers' demand, while devising new advertising options for advertisers. It will also continue to drive cost efficiency while leveraging on technology to further develop and enhance its digital content and platform capabilities, Tiong said. "A positive note is that the newsprint price is softening which will help reduce the group's production costs," he added.

As for the group's tour segment, he said it will continue to offer tailor-made tour packages to serve customers.

Media Chinese' shares were not traded today. It last crossed at 19 sen apiece, giving it a market capitalisation of RM76.57 million.