PETALING JAYA: Star Media Group Bhd’s Datuk Seri Wong Chun Wai (pix) will step down from his role as managing director and CEO and take on an advisory role from Jan 1, 2019. Wong, 57, joined The Star in 1984.
In a separate announcement the group announced that Star Media Group Bhd’s net profit for the third quarter ended Sept 30, 2018 fell significantly to RM1.6 million from RM230.29 million a year ago due to the absence of a gain from the disposal of its entire stake in Singapore’s Cityneon Holdings Ltd.
Its revenue was also down 23% to RM91.12 million compared with RM119.11 million in the previous year’s corresponding quarter.
For the nine months period, Star’s net profit also plunged significantly to RM14.33 million from RM245.44 million a year ago, while revenue fell 16% to RM299.64 million compared with RM354.87 million in the previous year’s corresponding period.
On it prospects, the media group expects the print and digital segment (excluding Dimsum) to perform better in 2018 against 2017 as a result of better cost management following the mutual separation scheme/early retirement option exercise and impairment of plant and equipment in 2017.
“We also expect robust revenue growth from the digital segment as more advertisers migrate into this space. The segment’s results, however, will be affected by the retrenchment cost for its printing plant in Penang and further headcount reduction and rationalisation exercises.”
Star is actively searching for new investment opportunities especially in the digital sector to further complement and enhance its existing assets. The fast evolving media landscape into all things digital and the ever changing consumer preferences make it a priority for Star to maintain its engagement with its audiences via the latest technologies.
While pursuing a digital sector focused approach to its investments, Star is also cognizant of investment opportunities that may arise in other industries and will also consider investments in non-core businesses which have the potential to enhance the performance of the group.
The company and the board of directors will continue to focus and strengthen its key strategies in the media industry.