Thursday, February 23, 2012

Media Prima optimistic on 2012 outlook

Media Prima Bhd is cautiously optimistic on the company's current financial year outlook and will continue to monitor the economic situation in Europe and North America.

Group managing director Datuk Amrin Awaluddin said as a media company with revenue mostly derived from advertising, Media Prima's growth will be very much dependent on the economic growth.

"The group will continue to be financially prudent and adhere to risk management procedures," he said at a media briefing yesterday.

For the financial year ended Dec 31, 2011, the group's pre-tax profit declined to RM279.516 million from RM295.311 million due to the negative goodwill arising from the acquisition of The New Straits Times Press (M) Bhd, which was recognised in 2010.

Revenue, however, rose to RM1.933 billion from RM1.842 billion previously.

Chairman Datuk Johan Jaafar said the good results recorded by the group in financial year 2011 was reflected by its ability to provide holistic solutions that encompass prudent and cost-effective financial management, as well as integration throughout various media platforms and helped by the country's strong economy.

"2011 was a year of ups and downs for the global economy and which we have endeavoured with a five per cent net revenue growth, contributed by the efforts of our colleagues across the group," he said.

Meanwhile, Amrin said the board of directors had declared and paid dividends totalling 11 sen per ordinary share to shareholders.

"The board of directors will be recommending a final single-tier dividend of 5 sen per ordinary share for the financial year ended Dec 31, 2011, subject to approval of the shareholders at the forthcoming AGM and would be paid at a date to be determined later," he said.

Going forward, he said the company would continue to look for merger and acquisition opportunities to strengthen its position in the industry.

He said the company valuation for any acquisition would be based on earnings accretive and companies related to the media industry. --

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