KUALA LUMPUR (Feb 28): Star Media Group Bhd posted a fifth straight quarterly loss, mainly due to a one-off impairment of assets of RM38.98 million.

The publishing company reported a wider net loss of RM25.37 million or a loss per share of 3.5 sen for the fourth quarter ended Dec 31, 2021 (4QFY21), compared with a net loss of RM15.71 million or 2.16 sen a year ago.

Excluding impairment of assets of RM38.98 million, the group’s loss narrowed substantially to RM2.02 million in 4QFY21, compared to RM7.19 million in 4QFY20 (excluding impairment of assets of RM11.98 million), its filing with Bursa Malaysia showed.

Revenue for the quarter inched up 1.12% to RM51.52 million, from RM50.95 million a year earlier.

No dividend was declared.

For the full year (FY21), the group posted a wider net loss of RM132.08 million, from RM19.72 million in FY20.

Revenue fell 4.74% to RM187.11 million from RM196.42 million, mainly because of the high base in 1QFY20, as the effects of the Covid-19 pandemic and movement control order were only felt from March 2020.

Excluding one-off items for impairment of assets and reversal of compensation income of RM71.64 million and RM52.52 million, the group recorded a lower loss before tax of RM25.29 million in FY21, compared with RM54.1 million loss before tax in FY20.

“This improvement is also partly attributable to savings in operating expenses resulting from the cost rationalisation exercise carried out by the group in the second half of 2020 (2H20) and better cost management,” it added.

Looking forward, the group said it will remain focused on its digital transformation initiatives and strategies across all media platforms, and will continue to improve its operational efficiencies.

On top of that, the group has begun venturing into property development in order to maximise the value of the land assets.

“Amid the challenging media industry landscape, the group is also on the lookout for merger and acquisition opportunities, as well as to penetrate into new businesses that have a promising outlook,” it added.

Shares of Star Media closed unchanged at 32 sen on Monday (Feb 28), valuing the group at RM236 million.