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| ASTRO Group Revenue Up 3% Year on Year to RM 764 Million! |
| Saturday, 12 September 2009 01:08 | ||||||||||||||||||||||||
Astro TV Chief Executive Officer, Rohana Rozhan said “In a very challenging economic environment, we have delivered a good set of results by focusing on quality, value and service for our customers. Overall customer growth is up year on year and we are selling more products across the board. Good cost controls have allowed us to turn our operational performance into strong financial results, with EBITDA at 27%, up from 25%. In the current year we will invest an additional RM200 million (of which RM100 million is capital in nature), to deliver the broadcast of High Definition television to retain our market leadership in Malaysia. This investment will have significant impact on our current year margins as we expense cost ahead of revenues.” The Group reported higher revenue and earnings for the second quarter of the current financial year on the back of steady demand for its pay-TV service in Malaysia and higher revenue contributed by the Malaysian radio businesses despite challenging market conditions and higher levels of churn. Group revenue for the quarter ended 31 July 2009 rose 3% to RM764 million compared with the corresponding quarter in the previous year largely due to higher subscription revenue. Group EBITDA decreased marginally to RM175 million year on year, primarily due to higher content costs which was partially offset by higher TV subscription revenue and the careful management of other operating costs across the Group. During the period under review, the Group’s 20%-owned joint venture in India, Sun Direct TV, continued to report strong subscriber growth with some 300,000 new customers activated, bringing the total to 3.5 million customers. Net profit increased to RM28 million as compared with a net loss of RM247 million a year earlier. This was largely due to lower cost recorded in respect of the cessation of a direct-to-home TV business proposal in Indonesia. Commenting on the results, ASTRO’s Chairman Dato’ Haji Badri Haji Masri said “The second-quarter operating performance reflects steady growth across the Malaysian businesses with the pay-TV operations benefiting from continued subscriber growth and our Malaysian Radio business performing well by providing innovative and cost effective marketing solutions for advertisers in the face of challenging economic conditions. We expect these conditions to remain challenging for the remainder of this year.” The Group continues to pursue a progressive dividend policy which seeks to balance long-term capital growth and immediate cash returns. To this end, the Board of Directors has declared an interim tax-exempt dividend of 2.5 sen per share, bringing total dividend for the first half to 5.0 sen. Pay TV The Pay-TV business benefited from marketing efforts targeted at under-penetrated segments. • Revenue up 5% at RM701 million from a year earlier • EBITDA up 9% at RM186 million; EBITDA margin at 27% • Gross activations of 154,000 for the quarter • Net additions stood at 53,000 for the quarter and 135,000 for 1HFY10 • ARPU dipped 6% at RM78 from a year earlier • Lower CAC at RM683 per box sold due to lower marketing and distribution costs (2QFY09: RM741 per box sold) • Content costs at 36% of TV revenue in line with expectation Radio Radio operations saw higher revenue due to increased demand by advertisers. • Revenue up 2% at RM48 million from a year earlier Summary of Group 2Q Results
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