KUALA LUMPUR (May 27): Utusan Melayu (M) Bhd slid further into the red in its first quarter ended March 31, 2019 (1QFY19) as its quarterly revenue was halved.

The media group's net loss for 1QFY19 widened to RM8.05 million from RM5.85 million a year ago, causing loss per share to be higher at 7.27 sen from 5.28 sen.

Revenue for the quarter declined by 51.8% to RM26.75 million from RM55.51 million in the previous year's corresponding quarter, Utusan said in a stock exchange filing today.

"The decrease was attributed to the reduction in publishing, distribution and advertising by RM28.76 million," it said.

Looking ahead, Utusan said it would continue to face a challenging year, although the "perseverance, commitment and determination of each employee [going] through this trying period with the management will be a strong basis for the company to continue its operations".

"In addition to the continuous support from advertising agencies, government-linked companies and ministries on Utusan's new commitment and contents, the company is confident that this will allow the company to progress further and in accordance with the company's restructuring plan," it said.

The group is prioritising efforts to generate higher revenue while it monitors its operational costs, especially by managing its short-term cash flow.

Shares in Utusan closed unchanged at 10 sen today, leaving the group with an RM11.07 million market capitalisation.