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Astro posts FY07 losses of RM6.16m
KUALA LUMPUR: Pay TV operator Astro All Asia Networks PLC has announced RM6.16 million in losses for the financial year ended Jan 31, 2008 against RM160.43 million net profits the previous year.
The company said in a filing to Bursa Malaysia Securities on March 19 that the losses were incurred mainly from RM92.4 million of assets and balances writeoffs from its investment in its Indonesian pay-TV subsidiary PT Direct Vision (PTDV).
PTDV also incurred costs to provide services and expenses for developing a DTH (direct-to-home) business proposal in Indonesia amounting to RM135 million, the company said.
Revenues for the period grew 16.97% to RM2.6 billion from RM2.22 billion, driven by higher subscription revenue from its Malaysian multi-channel TV operations, which increased by RM357.4 million from the enlarged customer base and improved average revenue per user (ARPU).
Astro noted that airtime sales from its radio business and library licensing and distribution revenue also improved. It said it would pay a dividend of five sen.
The company expected to incur more costs in the Indonesian venture. Astro is required to form a new joint venture arrangement with its partners in Indonesia, as per the government requirement to pare down its stake in PTDV to 20% from 51%.
“Negotiations pertaining to our involvement in the Indonesia pay-TV venture remain protracted and complex. We continue to provide basic services to support the Indonesian operations at the rate of approximately RM20 million per month until negotiations are concluded.
In the event that no agreement is reached, the group expects to account for costs relating to commitments already made which are approximately RM200 million, it said.
In India, Astro's 20% owned Sun Direct TV had garnered some 350,000 active customers to date since its soft launch in December 2007. It expected to account for its share of Sun Direct TV losses of up to 7.47 million rupees (RM587,275) for the 20% stake.
However, it remained upbeat on its Malaysian TV operations. “The Malaysian TV business continues its growth momentum, setting fresh records for new customer activations in the fourth quarter, while keeping churn within its target range.
"Subscriber growth was underpinned by our continuing investment in customers and content throughout the year,” Astro said.
The company said its local customer base was 2.27 million as of end-January or 40% of Malaysian homes.
Source : theedgedaily.com
KUALA LUMPUR: Pay TV operator Astro All Asia Networks PLC has announced RM6.16 million in losses for the financial year ended Jan 31, 2008 against RM160.43 million net profits the previous year.
The company said in a filing to Bursa Malaysia Securities on March 19 that the losses were incurred mainly from RM92.4 million of assets and balances writeoffs from its investment in its Indonesian pay-TV subsidiary PT Direct Vision (PTDV).
PTDV also incurred costs to provide services and expenses for developing a DTH (direct-to-home) business proposal in Indonesia amounting to RM135 million, the company said.
Revenues for the period grew 16.97% to RM2.6 billion from RM2.22 billion, driven by higher subscription revenue from its Malaysian multi-channel TV operations, which increased by RM357.4 million from the enlarged customer base and improved average revenue per user (ARPU).
Astro noted that airtime sales from its radio business and library licensing and distribution revenue also improved. It said it would pay a dividend of five sen.
The company expected to incur more costs in the Indonesian venture. Astro is required to form a new joint venture arrangement with its partners in Indonesia, as per the government requirement to pare down its stake in PTDV to 20% from 51%.
“Negotiations pertaining to our involvement in the Indonesia pay-TV venture remain protracted and complex. We continue to provide basic services to support the Indonesian operations at the rate of approximately RM20 million per month until negotiations are concluded.
In the event that no agreement is reached, the group expects to account for costs relating to commitments already made which are approximately RM200 million, it said.
In India, Astro's 20% owned Sun Direct TV had garnered some 350,000 active customers to date since its soft launch in December 2007. It expected to account for its share of Sun Direct TV losses of up to 7.47 million rupees (RM587,275) for the 20% stake.
However, it remained upbeat on its Malaysian TV operations. “The Malaysian TV business continues its growth momentum, setting fresh records for new customer activations in the fourth quarter, while keeping churn within its target range.
"Subscriber growth was underpinned by our continuing investment in customers and content throughout the year,” Astro said.
The company said its local customer base was 2.27 million as of end-January or 40% of Malaysian homes.
Source : theedgedaily.com
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