Media Prima's FY17 net loss widens to RM669.66m

KUALA LUMPUR: Media Prima Bhd registered a net loss of RM669.66 million in the financial year ended Dec 31, 2017 against a net loss of RM69.78 million in 2016.
However, in a filing to Bursa Malaysia today, the group recorded revenue of RM1.19 billion for the period, as compared to the preceding financial year 2016 (FY16) of RM1.28 billion.
Media Prima said revenue declined by 7% against the previous financial year, attributed to lower advertising and newspaper sales, as the shift to digital media significantly affected the group's traditional media business.
"While the group has ventured into new digital and consumer-based business initiatives to complement its traditional media segments, these initiatives are still undergoing a gestation period," it added.
On outlook, Media Prima said it will continue its transformation journey and increase efforts to accelerate revenue generating initiatives by maximising available assets and leveraging on extensive reach via its strong brands on digital and non-digital platforms. — Bernama