NMG's 9-month net profit up 89%
NATION MULTIMEDIA GROUP's nine-month net profit surged 89 per cent to Bt227.30 million, even though revenue only increased to Bt2.32 billion from Bt2.29 billion in the same period last year.
“Advertising revenues from our print media dropped by 0.75 per cent in the first three quarters of this year, but the group’s overall revenues are in surplus, and we still have good capability in making profits,” president Duangkamol Chotana said last week.
The group ran into some turbulence from a weakening in purchasing power, with third-quarter revenue slipping 4 per cent to Bt756.50 million.
However, thanks to cost management, third-quarter expenses were reduced by 9 per cent year-on-year to Bt679.10 million.
Duangkamol said that the group's board of directors agreed on November 8, this year, to form a joint venture with Eleven Media Group of Myanmar to set up a new company named Eleven-Nation Ltd, with Bt40 million in registered capital. Eleven Media holds 51 per cent stake in the new joint venture and another 49 per cent owned by NMG. Total investment in the project in Myanmar will be at about Bt19.6 million and will be mobilised from the company's working capital. The new joint venture firm will handle media and related businesses in Myanmar, such as education.
