Astro maintains cautious outlook amid economic challenges
Published On: 25.06.24 By: The Star
KUALA LUMPUR: Astro Malaysia Holdings Bhd maintains a cautious outlook, carefully monitoring business conditions and ensuring effective cost discipline.
“The current strength of the US dollar continues to impact multiple cost lines in our business, whilst local economic conditions (exacerbated by geopolitical factors) and softening customer sentiments continue to affect the industry,” the content and entertainment group said in a filing with Bursa Malaysia.
In the first quarter ended April 30, Astro’s net profit climbed to RM17mil, or earnings per share of 0.33 sen compared with RM15.9mil, or 0.30 sen in the same corresponding quarter last year.
"The increase resulted from lower net financing costs driven by favourable unrealised forex arising from unhedged lease liabilities, offset by lower Ebitda, as explained above, higher amortisation of intangible assets and tax expense," Astro said.
Revenue, however, dipped 9.85% to RM772.5mil against RM856.9mil a year prior, primarily driven by a reduction in subscription revenue and advertising revenue.
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