KUALA LUMPUR: Astro Malaysia Holdings Bhd net profit plunged 94.5 per cent year-on-year (YoY) to RM5.8 million in its third quarter (Q3) ended Oct 31, 2022 (FY23) from RM105.92 million in the same period last year.
This was due to higher net financing cost arising largely from unrealised forex impact from unhedged finance lease liabilities and drop in earnings before interest, taxes, depreciation and amortisation (Ebitda), offset by lower tax expenses.
Revenue for the period dropped 9.4 per cent to RM926.18 million versus RM1.02 billion a year ago due to the decrease in subscription revenue and merchandise sales, offset by an increase in advertising revenue.
Revenue for the television segment dropped seven per cent to RM833.1 million from RM896.1 million, mainly arising from the decrease in subscription revenue, advertising revenue and sales of programming rights, offset by an increase in licensing income.
Radio's revenue for the current quarter was higher by RM19.8 million or 60.9 per cent compared with the corresponding quarter of last year benefiting from recovery momentum in the transition to the endemic phase.
Home-shopping's revenue for the current quarter reduced by 56.5 per cent to close at RM40.8 million compared with the corresponding quarter of RM93.8 million, primarily due to subdued consumer sentiment, more cautious spending and the return of customers to physical stores.
For the nine-month period, its net profit dropped 38.9 per cent to RM204.29 million from RM334.29 million from a year ago.
Revenue for the period dropped 10.6 per cent to RM2.81 billion versus RM3.14 billion in the corresponding period last year.
Astro group chief executive officer Henry Tan said going forward the company is continuously investing in our transformation for long-term and sustainable growth, focusing on content, broadband, streaming, customer experience, data, addressable advertising and technology to better serve customers.
"Alongside progressive user interface and experience enhancements, we are committed to making kids' viewing safer.
"An increasing number of global streaming apps have been integrated onto our flagship Ultra Box and included in our new Astro TV packages, for the best big screen viewing experience.
"We expect to continue aggregating the best streaming apps and adding on lifestyle apps which are relevant for Malaysians in the near future," he said in a statement.