Star Media swings to loss in Q2 on weaker property revenue
Quarterly revenue slipped 31 per cent to RM51.5 million from RM74.1 million in the same period, mainly due to the completion of progress billings from units sold in its Star Business Hub project.
In a filing with Bursa Malaysia, the company said pre-tax profit fell to RM318,000 from RM7.55 million in the second quarter of 2024.
Its print, digital and events segment saw a slight revenue decline of two per cent to RM42.1 million. However, pre-tax profit improved to RM2.7 million from RM1 million a year earlier, supported by better cost control.
Radio broadcasting revenue grew two per cent to RM6.4 million, with pre-tax profit rising to RM231,000 versus RM186,000 previously.
Property development and investment revenue plunged 83 per cent to RM4.4 million from RM25.6 million, leading to a lower pre-tax profit of RM2.3 million compared with RM10.6 million last year.
The company cited changes in United States (US) foreign policy and ongoing geopolitical tensions as challenges weighing on the media industry's outlook for 2025.
"The US tariffs war has impacted global trade flows and economic sentiment. These developments will impede economic recovery and increase cost-of-living pressures, thus hindering the industry's prospects," it said.
Despite macroeconomic headwinds and industry disruptions, Star Media said it remains confident in its ability to stay resilient and adapt.
It added that it will continue providing creative media solutions to clients while maintaining disciplined cost management.
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