Utusan Melayu posts RM31.4m net profit in Q3 on disposal gains

PETALING JAYA: Utusan Melayu (Malaysia) Bhd returned to the black registering a net profit of RM31.4 million for the third quarter ended Sep 30, 2017 against a net loss of RM17.57 million in the previous corresponding period.
Its revenue soared 62% to RM93.4 million, compared with RM57.6 million in the same period last year, mainly attributed to the recognition of gain on disposal of land of RM31.5 million during the quarter.
For the first nine months, its net loss narrowed to RM2.07 million versus RM60.1 million a year ago, while revenue grew 16% to RM188.78 million, against RM163.4 million previously.
The group told the stock exchange, it also recorded a reduction of 12.7% in total costs and higher other income, including gain from disposal of 60% interest in one subsidiary.
On its prospects, Utusan Melayu said it will continue with its cost rationalization strategies to mitigate the effect of declining revenue.
"Given the continuing challenges faced by print-based media companies, the directors remain cautious with regard to the group's performance in 2017," it added.