MEDIA Prima Bhd, the country’s leading fully integrated media group, posted a net loss of RM27.252 million in the first quarter compared to a net profit of RM38.858 million a year ago.

Revenue decreased to RM238.436 million from RM239.102 million over the same period.

“The group also posted a net loss after tax of RM30 million in the first quarter ending March 31, 2020 from RM42.8 million in the corresponding period last year,” it said in a statement today.

In the period under review, said the statement, Media Prima is the most popular choice for local mobile content in Malaysia, and has the country’s third-highest audience reach behind Google and Facebook.

Commerce revenue grew 24% in the first quarter, driven by the company’s home-shopping network, CJ Wow Shop, which recorded an 18% increase in revenue and a 27% jump in customers.

The group’s traditional revenue, meanwhile, dropped 7% due to cautious spending by advertisers.

Circulation revenue improved by 12% in the quarter under review, reflecting the positive outcome of measures undertaken to improve efficiency in the segment.

“While Media Prima was deemed an essential service to continue operating during the movement-control order, our businesses were not spared from the impact of lower advertising take-up during these uncertain times,” said group chairman Syed Hussian Aljunid.

“Nonetheless, we continue to leverage our proactive business-continuity initiatives and digital capabilities to mitigate the impact of Covid-19.

“We will continuously review them to ensure the group’s sustainability in these challenging times.”

Group managing director Iskandar Mizal Mahmood said the next transformation phase will see improved costs and operational efficiencies, along with the delivery of effective solutions across media platforms.

“While the group continues to defend its traditional businesses, digital and commerce remain our key growth areas.

“We will continue to find new ways to leverage the strength of our traditional media brands to meet evolving consumer trends, while capitalising on the demand for more digital products.” – Bernama, May 21, 2020.