The media investment group’s overall revenues for the first nine months of the year are up 16 per cent to RM572 million due to growth in its radio networks, outdoor divisions and newspaper business.
However, revenue growth for the third quarter was flat, compared with the same period the year before and this has resulted in a decline in profits by as much as 25 per cent for this period.
However, revenue growth for the third quarter was flat, compared with the same period the year before and this has resulted in a decline in profits by as much as 25 per cent for this period.
The slowdown was attributed to a decline in adspend due to the current economic climate and higher content cost due to investment in programming for the Euro 2008 football tournament.
In comparison, adspend from the same period in 2007 was also considerably higher due to the country’s celebrations for 50 years of independence.
“We now face a challenging market environment with an anticipated slowdown in advertising spend but are hopeful that with our array of media assets, we are able to maintain our current performance,” said chairman of MPB, Abdul Mutalib Datuk Seri Mohamed Razak.
MPB’s group MD and CEO, Abdul Rahman Ahmad (pictured), added, “Our strategy to diversify our earnings through expansion into other media such as radio and outdoor advertising have helped us in this challenging time.”
“At the same time, whilst continuing to be financially prudent, we will continue to invest in quality content and branding for all our media brands to ensure continued growth in our revenue and earnings performance.”
MPB is currently in the midst of acquiring its third radio network - Radio Wanita.
