Media Chinese International projects RM7m net profit in 4Q on cost savings, improved business conditions

TheEdge Tue, May 11, 2021 08:21pm - 2 years View Original


KUALA LUMPUR (May 11): Media Chinese International Ltd (MCIL) expects to record a net profit of not less than US$1.7 million (RM7 million) for the fourth quarter ended March 31, 2021 (4QFY21), against a net loss of US$1.8 million (RM7.41 million) a year earlier.

“This was mainly attributable to the gradual improvement in business conditions in Hong Kong as well as cost savings across all the group’s business operations,” the dual-listed group said in a filing with Bursa Malaysia and the Hong Kong Stock Exchange.

However, for FY21 as a whole, the group expects to record a net loss of not exceeding US$2 million, as compared with a net profit of US$7.1 million in FY20.

MCIL blamed the poorer performance on the adverse economic impact brought by Covid-19 which led to a significant decline in the group’s tour business and advertising revenue.

The group said its projection is based on a preliminary assessment of the group’s unaudited consolidated management accounts and information currently available to the board.

“Such information has not been reviewed or audited by the company’s auditor or reviewed by the audit committee of the company, and may be subject to further adjustments," it said, adding that the group's unaudited consolidated financial results for 4QFY21 and FY21 are expected to be released in late May.

MCIL’s shares closed unchanged at 18 sen today, after 1.64 million shares were traded. The group's market capitalisation stands at RM304 million.

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