Utusan sinks deeper into the red in Q3

KUALA LUMPUR: Utusan Melayu (M) Bhd fell deeper into the red in its third quarter to end-September on lower contribution from its publishing, distribution and advertising business.

The newspaper publisher on Thursday said it had posted a net loss of RM33.9mil, its fourth straight quarterly loss. Cumulative nine-month losses swelled to RM42.4mil, the company said in a filing with Bursa Malaysia.

Utusan was classified as a Practice Note 17 (PN17) company on Aug 20 due to its financial difficulties. The company said it is in the midst of formulating a regularisation plan to address its PN17 status.

“The company also submitted the first proposal on a debt-restructuring scheme to the Corporate Debt Restructuring Committee on Oct 26,” it said.

Corporate News , Utusan