Weak consumer sentiment hits Media Prima, Media Chinese

KUALA LUMPUR: The weak consumer sentiment has hit the earnings of Media Prima Bhd and Media Chinese International Ltd (MCIL), both of which have announced their quarterly earnings.

In a filing with Bursa Malaysia, Media Prima reported that it swung to a loss of RM38.46mil in the first quarter ended March 31, 2017, from earnings of RM17.25mil a year earlier. The company said a “substantial” decline in revenue - down 10.5% to RM272.2mil - led to the loss. The fall in revenue was attributed to continued subdued advertising expenditure (adex), which was further affected by the low momentum after Chinese New Year.