Astro 2Q net profit rises 13% to RM98mil

KUALA LUMPUR: Astro Malaysia Holdings Bhd’s net profit for the second quarter ended July 31, 2022 (Q2 2023) rose 13 per cent to RM98.47 million from RM87.13 million from the same quarter last year.

However, its revenue fell to RM921.12 million from RM1.06 billion previously.

The group said the recovery in consumer sentiment remained uneven due to inflationary pressures from heightened geopolitical events and global supply chain disruptions.

However, the rise in net profit was underpinned by cost discipline, it added.

The group said it has remained cash generative and proactive in its capital management and declared a second interim dividend of one sen per share.

Group chief executive officer Henry Tan said the recent TV packages for the streaming world were attracting both new and existing customers, while the group enterprise business saw more food and beverage (F&B) outlets and hotel subscriptions, buoyed by the reopening of the economy.

"As part of our streaming aggregation strategy, we have added beIN SPORTS CONNECT, iQIYI, and TVBAnywhere+ apps on the Ultra Box, and Disney+ Hotstar app on the Ulti Box to give our customers greater convenience through a single platform.

"BBC Player and Zee5 apps will soon join our seven existing streaming services, further strengthening Astro as the go-to entertainment destination for Malaysians.

"We have also introduced multi-user profile and thumbnail viewing as well as voice search on Astro GO allowing for better personalised content recommendations,” he said.

He noted that over 670,000 homes are already on the Ultra and Ulti Boxes, which can run on both satellite and broadband while Astro GO has 524,000 monthly active users with an average weekly viewing time of over three hours.

On-demand shows streamed also grew 27 per cent year-on-year (y-o-y) to 297 million and in the second quarter, Astro’s broadband base increased by 40 per cent y-o-y as more customers bundled broadband with content for convenience and value.

Moving forward Tan said investments in Astro’s transformation plans are ongoing, focusing on content, broadband, streaming, customer experience, data, and addressable advertising.

"Macroeconomic conditions including rising interest rates, inflation, and the strength of the US dollar as well as global geopolitical events continue to affect households and businesses,” he added. "The group maintains a cautious outlook and will continue to monitor business conditions, while prudently managing costs.” - Bernama