Clarification on Star Media Q2 results

WE would like to clarify that the article headlined “Star Media registers RM1.48 million Q2 loss” quoted performance for continuing operations of the group, which excluded the contribution from Cityneon Holdings Ltd, which was classified as discontinued operations in their quarterly financial report.

The classification is in accordance with MFRS5 to reflect the financial effects of discontinued operations from continuing operations.

Cityneon reported a net profit of RM18.6 million for the second quarter ended June 30, 2017.

As stated in the same article, the group made a net profit attributable to ordinary equity holders of the parent of RM8.5 million for the second quarter ended June 30, 2017. This includes the net contribution of Cityneon.

Likewise the figures quoted for the six month period ended June 30, 2017 was a RM1.8 million net profit from continuing operations, which excluded the contribution of Cityneon. For the first half, Cityneon made a net profit of RM24.5 million. The net profit attributable to ordinary equity holders of the parent of RM15.2 million for the six month period, was after including the contribution of Cityneon.

To recap, Star Media announced the signing of a sale and purchase agreement with Lucrum 1 Investment Ltd for the disposal of its 52.51% stake in Cityneon for S$115.6 million on May 5, 2017. The sale was completed on July 12, 2017.