KUALA LUMPUR: Media Prima Bhd
posted net earnings of RM58.62mil in FY18 ended Dec 31, 2018, as compared to a net loss of RM650.61mil in the previous year due to a one-off gain from the sale of properties.
The group's financial performance in the previous year had also been negatively impacted by impairment charges.
Revenue for the year under review came in at RM1.19bil, 1.1% less than RM1.2bil posted in FY17.
The group said in a stock exchange filing that the digital and commerce business experienced significant revenue growth, which partially offset the 1% decline in traditional advertising and newspaper sales.
For the final quarter of 2018, Media Prima recorded a net profit of RM79.2mil versus a net loss of RM378.15mil in the previous corresponding quarter. Revenue was 5.23% lower at RM290.9mil from RM306.89mil in the comparative quarter.
In 2019, the group said its transformation journey will continue with digital and commerce revenue remaining the key growth areas for the group.
"Moving forward, the Group will also continue to assess the progress and effectiveness of our transformation initiatives while looking at new initiatives to be undertaken.
"Concurrently, continuous cost management will still be priorities whilst exercising prudent financial and risk management," it added.
On a segmental basis, Rev Asia was the main contributor to digital advertising revenue in FY18, while home shopping segment revenue grew 65% year-on-year due to greater exposure from 24 hours transmission on MyTV and UnifiTV as well as an increase in live-show production.
The out-of-home segment experienced 1% revenue growth due to higher yield from digital sites.
Meanwhile, the television networks, publishing and radio networks segments all experienced double-digit declines in revenue.
Revenue for the content creation segment fell 5% from lower sales of TV programme production and sales of programme broadcast rights, mitigated by lower content production costs.