Media Prima 2Q net profit up 21% to RM44m

KUALA LUMPUR: MEDIA PRIMA BHD []'s net profit for the second quarter ended June 30, 2011 rose 21.25% to RM44.44 million from RM36.65 million a year ago, driven by its core platforms of television networks, print media, outdoor media and radio networks.

It said on Wednesday, Aug 24 that its revenue increased by 6.7% to RM421.67 million from RM394.95 million in 2010. Earnings per share were 4.25 sen compared with 3.75 sen a year ago while net assets per share was RM1.32. It declared an interim single-tier dividend of three sen per share.

For the six months ended June 30, Media Prima’s net profit contracted 3.64% to RM79.23 million from RM82.23 million in 2010, while revenue increased 7.9% to RM775.86 million from RM718.62 million.

Reviewing its performance, Media Prima said a combination of continuing economic climate and effective cost management contributed to the improvement in its results.

As for its prospects, it was committed to maintaining its industry leadership position and earnings through continued investment in quality and relevant content and branding for its targeted market.

“The group will continue its efforts in realizing the value of its diverse media platforms. At the same time, it will continue to improve and monetise its new media platform as an alternative medium for consumers to access its contents.

“Barring any unforeseen circumstances, the board remains optimistic that the group is on track to register an improved operational performance in 2011,” it said.