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KUALA LUMPUR: Pay-TV operator Astro Malaysia Holdings Bhd reported steady revenue in the second quarter, but the elevated content cost related to the Tokyo Olympics and UEFA EURO 2020 hurt its bottomline.
Advertising expenditure (Adex) during the quarter the were also dampened by the lockdown.
For the three-month ended July 31, Astro's net profit declined by more than a third to RM87.1mil from RM133.6mil previously.
Revenue was little changed at RM1.06bil.
Astro said that while its Adex grew 22% y-o-y to RM209mil in the first half of FY21, outperforming the advertising industry growth of 11%, Adex in the second quarter declined by 9% q-o-q.
"Significant near term challenges remain as the Covid-19 pandemic continues," group CEO Henry Tan said in a statement today.
"The prolonged pandemic will impact the Malaysian economy, commercial enterprises and the consumer wallet with consequential effects for Astro’s revenue, particularly in the areas of advertising, enterprise and residential subscription revenues," he added.
However, the rollout of the nationwide vaccination programme and subsequent relaxation of restrictions is paving the way for economic recovery.
"Given these uncertainties, the Group will continue to monitor and assess business conditions, whilst prudently managing costs to ensure sustainable operations and business performance," Tan said.
Astro has declared a second interim dividend payout of 1.5 sen a share.