Utusan posts pre-tax loss of RM17.5 million

Utusan Melayu (Malaysia) Bhd recorded a pre-tax loss of RM17.49 million for the financial year ended December 31, 2015, compared with a pre-tax loss of RM83.65 million in 2014. Revenue fell to RM248.38 million versus RM291.20 million previously, the company said in a filing to Bursa Malaysia. As for the fourth quarter, the publication posted a pre-tax profit of RM25.57 million compared with a pre-tax loss of RM45.20 million, while revenue declined to RM67.45 million against RM76.51 million previously. "Revenue for the quarter under review declined 11.8% from the preceding year's corresponding quarter, mainly due to the decline in the publication, distribution and advertisement segment," it said. Utusan Melayu expects continuous challenges in 2016, given the ongoing issues that are affecting consumer sentiment, including the implementation of the goods and services tax and the weakening ringgit that will see an increase in the costs of certain raw materials. "Nevertheless, we will strive to defend our market share of newspaper circulation and advertising revenue amidst strategies to seek new revenue streams by diversifying our business portfolios. "The group will continue to implement stringent cost-control measures and to improve operational efficiency in order to sustain our immediate survival. "We will constantly focus on strengthening our internal structure to ensure a solid foundation for the group to embark on its future plans," it added. – Bernama, February 24, 2016.]]>