The newspaper publisher revealed a rise in its operational expenses to RM60.95 million compared with RM54.75 million in the previous year.

Quarterly revenue rose 7.7% to RM58.02 million from RM53.87 million last year, it said in a filing with Bursa Malaysia today.

For the first half ended June 30, 2023 (H1 FY2023), net profit slumped 55.48% to RM1.93 million from RM4.33 million a year ago despite a modest rise in revenue to RM110.01 million from RM106.55 million.

The group, which publishes The Star, the nation’s largest English-language daily, did not announce any dividend for the quarter.

The print, digital, and events division saw a reduced profit before tax (PBT) of RM100,000 for the quarter, down from RM400,000 the previous year, attributed to higher newsprint expenses.

The radio division saw a steep 85.2% PBT drop to RM400,000 in Q2, attributed to seasonal influences and reduced commercial airtime earnings, while segment revenue dipped by 15% to RM7.3 million compared with RM8.6 million in Q2 FY2022.

Meanwhile, the property development and investment segment posted a PBT of RM400,000 versus a RM1.1 million loss before tax a year ago. Revenue surged to RM2.9 million from RM700,000, mainly attributed to the launching of the Star Business Hub project.

Strategic efforts, cautious optimism

On its prospects, Star Media expressed its commitment to financial prudence and ongoing efforts to boost revenue and improve operational efficiency.

“The group continues to increase its range of products such as the Bahasa Malaysia print publication, Majoriti 7, launched in 2022 and the recent introduction of its weekly business print publication, Star Biz7.

“Based on the prevailing market conditions, the group remains cautiously optimistic on its future outlook, while striving to sustain its financial performance,” it added.

Star Media’s share price closed unchanged at 38 sen, valuing the group at RM280.6 million.