KUALA LUMPUR (May 24): Media Prima Bhd, which publishes the New Straits Times, Berita Harian and Harian Metro, said it is on the lookout for acquisitions, joint ventures and/or strategic partnerships, with an aim to enhance long-term shareholder value.

The media group posted its fifth straight quarterly loss in the first quarter ended March 31, 2018 (1QFY18), though its net loss narrowed to RM21.83 million from RM38.47 million a year ago.

Loss per share was lower at 1.97 sen in 1QFY18 compared with 3.47 sen in 1QFY17.

Quarterly revenue rose 3.1% to RM280.67 million in 1QFY18 from RM272.2 million a year ago on higher revenue for digital advertising, content and commerce revenue.

In a statement today, Media Prima, which currently ranks third in digital reach in Malaysia, said it achieved a 98% increase in revenue from its digital segment in 1QFY18.

"This was due to higher digital advertising earnings from Rev Asia Holdings, a company acquired in August last year which contributed 47% to Media Prima Digital's revenue," it added.

In television, Media Prima said it maintained its dominant position in Malaysia in 1QFY18. Media Prima Television Networks — which reaches an average of 9.6 million Malaysians daily — aims to increase its audience market share from 34% to 40% in 2018.

On prospects, Media Prima said it cleared off major exceptional items last year to begin 2018 on a clean slate and will continue its transformation journey to become a leading digital-first content and commerce company.

"Going forward, the group will accelerate revenue generating initiatives by maximising its core assets while diversifying into new revenue streams," it said.

"The foundation for these efforts [is] placed on several key areas which include market leadership in broadcast, over the top content and digital publishing.

"The group is also focused in growing commerce revenue through integrated media and expansion beyond Malaysia. Concurrently, continuous cost management by maximising existing value chain and increasing productivity and efficiency will still be priorities while exercising prudent financial and risk management," it added.

Media Prima's major shareholders include the Employees Provident Fund Board with a 13.25% stake, and Gabungan Kesturi Sdn Bhd — which is owned by Umno — with an 11.09% stake as at Feb 28, 2018.

At 3.32pm, Media Prima shares were down 0.5 sen or 1.37% at 36 sen, with 2.56 million shares done, bringing a market capitalisation of RM393.77 million.