Astro's 1Q net profit up 14.1 pct to RM17 mln

Astro's 1Q net profit up 14.1 pct to RM17 mln

Bernama

26/06/2024
Astro said said net profit rose by 14.1 per cent due to lower net financing costs driven by favourable unrealised forex arising from unhedged lease liabilities. - File

Astro's 1Q net profit up 14.1 pct to RM17 mln

Astro said said net profit rose by 14.1 per cent due to lower net financing costs driven by favourable unrealised forex arising from unhedged lease liabilities. - File

KUALA LUMPUR: Astro Malaysia Holdings Bhd's net profit rose to RM17 million in the first quarter ended April 30, 2024 (1Q) from RM15.89 million in the same period a year ago.

In a Bursa Malaysia filing today, the content and entertaining company said net profit rose by 14.1 per cent due to lower net financing costs driven by favourable unrealised forex arising from unhedged lease liabilities.

Revenue fell by 9.8 per cent to RM772.53 million from RM856.94 million a year ago, primarily driven by a reduction in subscription and advertising revenue.

"The group continues to maintain a cautious outlook, carefully monitoring business conditions and ensuring effective cost discipline," it said.

In a separate statement, Astro group chief executive officer Euan Smith said the group will focus on three pillars for the 2025 financial year (FY25).

"The three pillars involve growing new customers by strengthening content offerings; strengthening adjacent businesses by expanding sooka, Astro Fibre, Astro Enterprise, and Addressable Advertising, and reducing cost to ensure its products remain competitively priced against global players," he said.

The company also appointed Prashant Kumar as an independent non-executive director effective July 1, 2024, to enhance its marketing and advertising departments.

-- BERNAMA