Astro suffered RM372million loss
Filed Under (Business News) by Webmaster on 17-03-2009
Tagged Under : Astro, financial year, loss
Astro All Asia Networks Plc posted a pre-tax loss of RM372.373 million for the financial year ended Jan 31, 2009 compared with a pre-tax profit of RM136.631 million the previous year.
However, its revenue rose to RM2.971 billion from RM2.602 billion previously due to higher subscriber additions in Malaysia pay-TV business, Astro said in a statement to Bursa Malaysia here today.
“Gross subscriber additions in the year were at a new high of 612,000 resulting in 374,000 net new customers,” it said adding that “good progress was also made in the pay-TV business in India”.
Meanwhile, Astro said it has accounted for RM687 million of cost incurred in providing services and support to a previously proposed joint venture in Indonesia.
It said various legal actions have commenced in respect of developments in Indonesia and the group is required to account for costs associated with these actions as they incur.
Chairman Datuk Badri Masri said Astro will be more cautious and manage the business with a high regard for conserving cash and minimising costs amid the current economic uncertainties.
“We can continue to grow the Malaysian pay-TV, radio and content businesses by strengthening their value propositions to achieve better market share and implementing effective cost management measures to sustain margins and profit growth,” he said. – Bernama
