This article first appeared in The Edge Financial Daily on February 28, 2019

KUALA LUMPUR: Media Prima Bhd returned to profitability in its financial year 2018 (FY18) ended Dec 31, 2018 with a net profit of RM58.62 million versus a net loss of RM650.61 million in FY17, due to a one-off gain from sale of property.

In its bourse filing yesterday, it recorded a RM138.33 million gain on disposal of property, plant and equipment in the fourth quarter of FY18 (4QFY18) ended Dec 31, 2018.

FY18 revenue was down marginally at RM1.19 billion from RM1.2 billion in FY17, as its 1% decline in traditional advertising and newspaper sales was cushioned by growth in its digital and commerce space.

In 4QFY18, it posted a net profit of RM79.2 million against a net loss of RM378.15 million in the year-ago quarter, while revenue fell 5% to RM290.9 million from RM306.89 million previously.

On prospects, Media Prima said the structural change in the media sector will continue to disrupt traditional media companies.

To remain resilient and relevant, it said it is committed to its transformation journey to defend traditional revenue sources while increasing efforts to grow new revenue stream, adding that digital and commerce revenue will still be key growth areas for the group in FY19.