BMedia incurs RM6.6m net loss in 3 months to March 31 (ext: Edge)

Berjaya Media Bhd (BMedia) reported a RM6.63 million net loss in the three months to March 31, 2009, on the back of RM10.76 million in revenue.

Its year-end has been changed from Dec 31 to April 30; hence, the current financial year covers the 16 months from Jan 1, 2008, to April 30, 2009.

The loss was mainly due to the provision for impairment loss on quoted investments in Berjaya Corp Bhd ICULS of RM1.35 million and certain unquoted investments of RM4.2 million, as well as lower advertisement revenue posted by its principal subsidiary Sun Media Corp Sdn Bhd, due to the difficult economic conditions in 1Q09.

"The board noted that there is no significant change in the business conditions and performance of the group in the remaining month of the financial period ended April 30, 2009.

"However, the recent improvement in the market price of the quoted investments subsequent to March 31, 2009, would result in reversal of impairment in value of approximately RM5.9 million to be recognised by the group for the period ended April 30, 2009," it said.