Media Chinese 1Q net profit falls 13% to RM42.1m

Media Chinese 1Q net profit falls 13% to RM42.1m
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Wednesday, 28 August 2013 18:43

KUALA LUMPUR (August 28): MEDIA CHINESE INTERNATIONAL LT []d posted a net profit of RM42.1 million for the first quarter ended June 30, 2013. This is 13% lower than the RM48.5 million registered a year earlier.

Revenue was higher at RM399.2 million from RM389.2 million previously, Media Chinese said in a filing with Bursa Malaysia today.

The group said growth was mainly contributed by the increase in revenue from the group’s publishing business in Malaysia, and the its tour segment.

"The publishing and printing segment’s revenue rose 1.7%, attributable to the increase in advertising revenue from the Malaysian operations, driven by election-related advertisements in the run-up to the country’s 13th general election held in May 2013.

"There was no significant currency impact on the group’s financial results for the quarter under review as the exchange rates of Malaysian ringgit and Canadian dollar against US dollar remained fairly stable during the quarter," the company said.

Looking ahead, Media Chinese said it expects the business environment to remain challenging in the coming quarters. This is due to the slowing economy and increased competition in the firm's core markets.

"The group will devote continuous efforts to maintaining our market share through enhancing our editorial content, strengthening our relationships with customers and business partners.

"However, if the strengthening of US dollar against Malaysian ringgit is to continue, there may be impact on the group’s profitability. We will continue to maintain our strong focus on cost management in all business units," the group said.