KUALA LUMPUR, Sept 21 — Astro Malaysia Holdings Bhd recorded a lower net profit of RM87.12 million in the second quarter ended July 31, 2021 (Q2FY2022) from RM133.64 million in the same period a year ago.
Revenue dropped 2.8 per cent to RM1.06 billion from RM1.09 billion previously mainly arising from a decrease in subscription revenue and merchandise sales but was offset by an increase in advertising revenue and sales of programming rights, it said in a filing with Bursa Malaysia today.
Group chief executive officer Henry Tan said although Astro’s profit after tax and minority interest (Patami) recorded a 10 per cent growth in the first half of the financial year ending January 31, 2022, the continuing lockdown and elevated content cost arising from Olympic Games Tokyo 2020 and Uefa Euro 2020 impacted the Patami for Q2FY2022.
“However, we are pushing ahead with our transformation plan and our ambition to be the #1 aggregator of the best streaming services,” he said.
On the outlook, Tan said Astro would be revitalising the brand, powering ahead in the transformation journey that encompasses its ambition to be the nation’s top aggregator of the best streaming services and enhancing local content by producing more premium Astro Originals.
Besides that, he said Astro has been seizing opportunities for adjacencies in commerce, broadband and digital as well as the realisation of reimagined business models and technology with the evolving ecosystem.
“The prolonged pandemic will impact the Malaysian economy, commercial enterprises and the consumer wallet with consequential effects for Astro’s revenue, particularly in the areas of advertising, enterprise and residential subscription revenues,” he said.
However, he said the company would continue to monitor and assess business conditions whilst prudently managing costs to ensure sustainable operations and business performance given the uncertainties caused by the pandemic.
Astro also declared a second interim dividend of 1.5 sen per share. — Bernama