It’s been almost 3 months that the world is battling the threat of the pandemic virus, COVID-19 since it affects not only the health of the people but the lifestyle and livelihood of the people in the whol world.
Businesses are no exemption with this. Since the start of re-opening the nation has been working out ow to regain the stocks that was lost buy unfortunately,
Star Media Group Bhd announced today a net loss of RM3.98 million for the 1st quarter ended March 31, 2020.
Citing a filing to Bursa Malaysia today, the Edge Markets announced that the group’s quarterly sales declined from RM82.57 million by 20.36 per cent to RM65.76 million. In comparison, a year ago it posted net income of RM3.54 million on the basis of solid sales from its print media division.
The company site also said Star Media reported a pre-tax loss of RM4.47 million in the first quarter of 2020 in its print and streaming division, contrasted with a pre-tax income of RM3.65 million at the same period last year.
This was the product of a soft Malaysian economy’s double whammy, and the movement control order (MCO) imposed to combat the country’s Covid-19 pandemic, which struck the party hardest in the second half of March, the study added.
The Edge Markets noted that Star Media last registered a quarter loss-making to the extent of RM9.1 million in the 4th quarter of 2018.
Star Media claimed in its submission to Bursa Malaysia that its board of directors remains optimistic that the company can prosper in the long term as it has cash reserves of more than RM300 million without borrowing, placing it in a strong spot for mergers and acquisition opportunities through industry consolidation.
Even if this happens so badly, everyone is looking forward for recovery amidst what was lost.