Astro’s woes continue as net profit plunges 44% in FY2023 FMTNews FMTBusiness
KUALA LUMPUR: Astro Malaysia Holdings Bhd’s net profit for the financial year ended Jan 31, 2023 tumbled 43.79% to RM259.04 million from RM460.88 million in the previous year after it posted lower earnings in the fourth quarter .For the fourth quarter ended Jan 31, 2023, its net profit was down 56.75% to RM54.75 million from RM126.59 million recorded previously, while revenue for the period slipped 3.9% to RM990.67 million from RM1.03 billion a year before.
However, amid the macro and industry challenges, Astro recognised a non-cash impairment of RM763 million in Q4 in respect of its historical cost of investments in subsidiaries. On the outlook for FY24, it said macroeconomic headwinds including slowing global growth, comparatively higher interest rates, and moderate but elevated levels of inflation are expected to continue impacting households and businesses.
“FY24 will see Astro continuing to invest in its transformation for long term and sustainable growth, focusing on content, broadband, streaming, addressable advertising, customer experience, data and technology to better serve customers,” it added.Astro group CEO Euan Smith said Astro’s transformation plans have continued apace this year as the group continues to put in place the structures and architecture that will define the “Astro of the future”.
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