KUALA LUMPUR (Feb 28): Media Prima Bhd posted a net profit of RM10.71 million for its second quarter ended Dec 31, 2023 (2QFY2024) on revenue of RM223.77 million.

Earnings per share for the quarter stood at 0.97 sen, the media group announced in a bourse filing on Wednesday.

There is no comparative quarter last year as the group changed its financial year end to June 30, from Dec 31.

On a quarter-on-quarter basis, Media Prima posted a 23.78% drop in net profit from RM14.06 million in 1QFY2024 on higher tax expenses, despite revenue edging up 4.6% from RM213.92 million, driven by higher advertising revenue.

For the cumulative six-month financial period (6MFY2024), it posted a net profit of RM24.77 million on the back of RM437.7 million in revenue.

The cumulative net profit was driven by cost and operational efficiencies as well as higher other operating income, but revenue was affected by lower advertising and home shopping revenue due to soft consumer sentiment and inflationary pressures.

Commenting on its outlook, Media Prima said that the second half of 2024 will remain challenging as advertising expenditure continues to be affected by consumer sentiment, coupled with geopolitical and economic uncertainties.

“Despite the challenges, we shall leverage on our strong brands, extensive reach and innovative content to engage with audiences and advertisers.

“Operational and cost efficiencies shall be continuously monitored to minimise any adverse impact on the group’s performance,” it said.

At 4.08pm, shares in Media Prima were half a sen or 1.1% lower to 45 sen on Wednesday, which translates into a market capitalisation of RM493.83 million.