KUALA LUMPUR (Nov 19): Higher contribution from Star Media Group Bhd’s (KL:STAR) radio, property development and investment businesses offset losses from its mainstay print media business, leading the group to post a higher net profit for its third quarter ended Sept 30, 2024 (3QFY2024).

The group's net profit for 3QFY2024 surged to RM2.5 million, over 44 times the RM56,000 it made in 3QFY2023, as revenue climbed 8.57% to RM59.63 million from RM54.93 million, its Tuesday bourse filing showed.

No dividend was declared for the quarter.

Going into the year’s final quarter, Star Media expects its property development segment to continue to contribute positively to the group’s performance, while it flagged that the advertising industry would remain challenging.

“The management is exploring opportunities to diversify the group’s business incomes,” it said, adding it would continue to monitor business conditions to ensure operational efficiency and prudent cost management.

In 3QFY2024, Star Media’s property development and investment segment saw profit before tax (PBT) rise to RM2.8 million from RM600,000 in 3QFY2023, on higher progress billings from the Star Business hub project and higher property leasing income. At the same time, its radio division swung to a PBT of RM900,000 in contrast to a loss before tax (LBT) of RM1.1 million last year, as revenue climbed on higher commercial airtime, sponsorship and digital revenue.

Its print, digital and events segment, meanwhile, recorded an LBT of RM900,000 versus a PBT of RM600,000 in 3QFY2023, as advertising revenue dropped.

For the nine months ended Sept 30 (9MFY2024), the group made a net profit of RM9.8 million, almost five times the RM1.99 million it made in the same period last year, as cumulative revenue jumped 13.42% to RM187.06 million from RM164.94 million.

Shares in Star Media ended one sen or 2.38% lower at 41 sen, valuing the group at RM299.12 million.