Star Media’s share price up on 36 sen dividend, despite Q2 net loss

PETALING JAYA: Star Media Group Bhd’s share price rose 1.26% despite posting a net loss of RM1.48 million for the second quarter ended June 30, 2017 from continuing operations, on a 36 sen dividend announcement.

At the end of trading in the first session, Star Media's share price stood at RM2.41 with 4.5 million shares changing hands. It has a market capitalisation of RM1.78 billion.

The net loss was the result of a combination of lower profits from the print and digital segment, as well as the reclassification of the related assets and liabilities for Cityneon group as held for sale during the current quarter.

Recall that Star Media had in May announced the disposal of a 52.51% stake in Cityneon Holdings Ltd for S$115.61 million (RM360.18 million).