KUALA LUMPUR (Nov 21): Star Media Group Bhd’s net profit fell 97.45% to RM56,000 for the third quarter ended Sept 30, 2023 (3QFY2023), from RM2.20 million a year ago, as earnings were once again affected by high operating costs.

Earnings per share dropped to 0.01 sen from 0.30 sen in 3QFY2022, according to the group's filing with Bursa Malaysia on Tuesday.

Quarterly revenue was flat at RM54.93 million against RM54.43 million previously.

On a quarter-on-quarter basis, the group’s net profit was 92.92% lower compared with RM791,000 in 2QFY2023, while revenue fell 5.34% from RM58.02 million due to lower revenue from the print, digital and events segment and the radio broadcasting segment.

For the first nine months of FY2023, Star Media’s net profit declined 69.62% to RM1.99 million from RM6.53 million in the same period last year, as revenue grew 2.46% to RM164.94 million from RM160.97 million, driven by the launch of the Star Business Hub property development project and the increase in the cover price of The Star.

Moving forward, the publisher of the nation’s largest English-language newspaper said it would continue with its prudent management strategy while focusing on revenue enhancement initiatives and operational efficiency improvements amid global inflation.

"As market conditions remain challenging which resulted in contraction of industry revenue, the group continues to sustain its revenue and overall financial performance, while remaining financially prudent," the group said.

Star Media’s share price finished 3.37% lower at 43 sen on Tuesday, giving the group a market capitalisation of RM313.97 million. The counter has risen over 43% so far this year.

The Edge and its owner, Tong Kooi Ong, is a substantial shareholder of Star Media, with a 5.374% stake in the group as of end-August 2023.