SMG posts RM52mil revenue for first quarter

SMG said it remained resilient despite cautious consumer spending which has slightly impacted its financial performance.

PETALING JAYA: Star Media Group Bhd (SMG) has posted a revenue of RM52mil for the first quarter of its 2023 financial year (1Q23) as the group continues its revenue enhancement initiatives.

The group posted a pre-tax profit of RM1.1mil during 1Q23 with revenue from its print, digital and events business sustaining, while the print industry advertising expenditure reported a double-digit drop for the quarter. That segment recorded a pre-tax profit of RM0.5mil in 1Q23.

SMG said its radio broadcasting arm posted a revenue of RM7.6mil with a pre-tax profit of RM0.8mil, while its property development and investment business recorded a smaller loss before tax of RM0.5mil in 1Q23 compared with a pre-tax loss of RM1.1mil in 1Q22.

SMG said the improvement was mainly due to the increase in occupancy rate of the properties.

In a filing with Bursa Malaysia, the group said it remained resilient despite cautious consumer spending which has slightly impacted its financial performance.

“Geopolitical tensions among major economies and elevated costs of living and input costs are expected to impact spending by households and businesses. The group will remain financially prudent and continue to focus on its revenue enhancement initiatives and to improve its operational efficiencies,” it said.

The group said it would continue its efforts in retaining and sustaining its investments in its digital transformation initiatives and strategies with various digitally driven products such as The Star Online, mStar, Majoriti and the Bahasa Malaysia print publication, Majoriti 7, which aims to further strengthen its market share in the Malay segment.