Media Prima to list TV3 Ghana by 1Q08
by The Edge Daily
Media Prima Bhd expects to list its first broadcasting entity overseas, TV3 Network Ltd (TV3 Ghana), on the Ghana Stock Exchange by the first quarter (1Q) of next year, said group managing director and chief executive officer Abdul Rahman Ahmad.
“We have minority interest (matter) we need to discuss, we also have to comply with Ghana regulations which had its own process, tax issues that are slightly more complex than here and so forth.
“We expect probably by the first quarter of 2008; the investment bank is still doing the evaluation process,” he told reporters after announcing the company’s latest quarterly results here yesterday.
In 3Q07, Media Prima’s net profit rose 61% to RM44.99 million from RM27.99 million a year earlier on the back of better performances in all its media assets.
Its revenue rose to RM212.32 million from RM155.11 million, while earnings per share rose to 5.51 sen from 4.16 sen.
For the nine months to Sept 30, its net profit more than doubled to RM78.6 million from RM37 million a year earlier on the better performances, including improved operational results in its associate company, The New Straits Times Press (M) Bhd(NSTP).
Abdul Rahman said revenue for the nine month period rose 27% to RM492.34 million from RM387.8 million a year earlier due to higher advertising revenue arising from the 50th Merdeka celebrations, strong contribution from fully operational of TV9 and recently acquired outdoor companies, together with significantly higher revenue recorded by radio networks.
He added that the group also benefited from improved operational results in NSTP and the absence of exceptional expenses relating to voluntary separation scheme (VSS) undertaken by NSTP in 1Q of 2006. For the nine-month period, its pre-tax profit hit RM101.8 million, representing a 98% increase from RM51.4 million a year earlier.
Abdul Rahman said in particular, TV9 performed exceptionally well by achieving operational breakeven after only 17 months in operation — well ahead of the two-year target, while its TV networks continued to dominate the domestic television market with a combined household audience share of 53% despite the proliferation of numerous new channels.
Meanwhile, the radio business continued to sustain its excellent performance and is now profitable while the contribution from outdoor division remains strong and on course to meet targets set during acquisition.
“Our aggressive expansion strategy into new media platforms coupled with the successful execution of strategies to attract new non traditional advertisers have started to really bear fruits as reflected by the strong growth in revenue and earnings,” he said.