SMG looks towards diversification as weak economy hurts performance

(SMG) has announced a net loss of RM14.2mil for the first quarter ended March 31,2021 from RM3.9mil reported in the same quarter a year ago.
Revenue dropped to RM42.6mil from RM65.8mil with the softness in Malaysian economy coupled by the effects of Covid-19 and the recent Movement Control Order affecting the topline.
“However, we saw a growth in Star’s digital revenue of 17% against last corresponding quarter, which was mainly attributable to the increase in the digital advertorial, growth marketing and paywall subscription revenue, ” SMG said in a filing with Bursa Malaysia.
“The Covid-19 pandemic has evolved into a global economic crisis where it has impacted most industries. Business and consumer behaviours remain uncertain but the group has taken drastic measures to contain the impact, ” SMG said.

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