KUALA LUMPUR (May 28): Star Media Group Bhd (KL:STAR) registered a net loss of RM193,000 for the first quarter ended March 31, 2024 (1QFY2024) versus a net profit of RM1.14 million a year earlier, dragged by higher operating costs.

The media company, whose major shareholder is Malaysian Chinese Association (MCA) with a 43.23% stake, said it is continuing to explore potential merger and acquisition opportunities to diversify its income streams in a filing with Bursa Malaysia.

Its quarterly revenue grew 2.53% to RM53.30 million from RM51.99 million a year ago, according to its filing on Tuesday.

It posted a loss per share of 0.03 sen from earnings per share of 0.16 sen in 1QFY2023. No dividend was declared for the quarter under review.

On a quarter-on-quarter basis, Star Media turned a loss from a net profit of RM5.51 million due to disposal gains of RM6.5 million recognised in the immediate preceding quarter. Revenue came in 3.21% lower against the RM55.07 million it recorded in 4QFY2023.

Star Media, which publishes The Star newspaper, expects the industry outlook for advertising expenditures to remain challenging and was cautiously optimistic its property development and investment segment would contribute positively to its financial performance.

Meanwhile, Star Media appointed Tan Sri Wong Foon Meng as its new independent and non-executive chairman, together with Tan Sri Johan Jaaffar as independent and non-executive director, and Datuk Lim Cheng Ling as non-independent and non-executive director.

Wong, 69, was formerly independent and non-executive chairman of Bina Puri Holdings Bhd (KL:BPURI) from June 2010 and June 2023. He served as Terengganu state assemblyman in 1995. In 2004, he was appointed senator and made president of the Senate in July 2009.

Johan, 70, has extensive experience in the media industry. He was group chief editor of Utusan Melayu (M) Bhd from 1992 until 1998, former chairman of Dewan Bahasa dan Pustaka from 2006 to 2010, and Media Prima Bhd from 2009 to 2015. He is the father of Bangi Member of Parliament (MP) Syahredzan Johan.

Meanwhile, Star Media said that Lim, 54, is a highly experienced and certified facility manager focusing on facilities management for the healthcare sector, including structural maintenance of hospitals and medical equipment.

Star Media’s share price closed up 0.5 sen to 39.5 sen on Tuesday, valuing the group at RM299.21 million.