Media Prima posts loss of RM101mil

Media Prima television networks chief executive officer Datuk Kamal Khalid

PETALING JAYA: Media Prima Bhd made a loss of RM101mil in the third quarter ended Sept 30, as revenue dropped to RM288.5mil amid declining trend of core advertising revenue.

The media group said revenue from its television and print segments fell by about a quarter, while the loss was made worse due to an early retirement scheme payment of RM52.3mil. 

Group managing director Datuk Kamal Khalid has been implementing its new business initiatives and venturing to new markets abroad as part of its transpormation programme.

“Among the new ventures that have been very successful is home shopping,” he said in a statement on Wednesday.

Launched in April 2016, CJ Wow Shop contributed RM92.9mil in revenue during the first nine months of the year.

“The group plans to increase CJ Wow Shop’s exposure to further tap the nation’s growing home shopping/e-commerce markets,” Kamal said.