KUALA LUMPUR (May 27): Media Chinese International Ltd posted a net profit of RM9.16 million for the fourth quarter ended March 31, 2021 (4QFY21), compared to a net loss of RM7.44 million a year ago, on cost savings and fair value gains from the revaluation of the group’s investment properties in Malaysia.  

The group said both the ringgit and the Canadian dollar strengthened against the US dollar during the quarter, resulting in positive currency impacts of US$622,000 and US$158,000 on the group’s turnover and pre-tax profit, respectively.

Quarterly revenue, however, was 23% lower at RM122.83 million compared with RM159.44 million in 4QFY20, as the group’s publishing and printing and travel segments reported declines in turnover of 12.3% and 99.4% respectively, given that consumer spend and travel were marred by recurring waves of Covid-19.

The group has declared an interim dividend of 0.41 sen per share, payable on July 8.

For FY21 as a whole, the group recorded a net loss of RM5.4 million versus a net profit of RM29.25 million in FY20.

Full-year revenue more than halved to RM479.61 million from RM991.79 million previously.

Media Chinese expects FY22 to remain challenging until the vaccination globally has proven to be effective and the re-opening of borders by most countries has taken place.

With most businesses switching to digitalisation as the “new norm” to minimise the spread of Covid-19, the group said it will continue to focus on rolling out more creative digital advertisement solutions for its advertisers.

“For the travel segment, the group expects that with the vaccination programs being rolled out worldwide, international travel will resume albeit at a slower pace,” it added.

Media Chinese shares closed unchanged at 18 sen, for a market capitalisation of RM304 million. The counter saw 775,600 shares traded on Bursa Malaysia.