MediaCorp announces higher earnings for FY 2009/10 as economy recovers

For immediate release
Media Release 

MediaCorp announces higher earnings for FY 2009/10 as economy recovers

Singapore, 25 August 2010 – Singapore’s leading media company, MediaCorp has announced higher earnings for the year ended 31 March 2010 in line with the economic recovery.

Total revenue for the year ended 31 March 2010 was relatively flat at $531.7 million compared to a year ago. But due to cost saving measures, MediaCorp's operating profit (before Finance income) more than trebled to $60.8 million. Net Profit after tax was $84.2 million, more than double from the previous FY. During the year, MediaCorp paid dividends to its sole shareholder, Temasek Holdings with equity securities amounting to $292.8 million.

Mr Lucas Chow, MediaCorp CEO, said, "The global economic crisis hit our first half year, severely impacting advertising expenditures. The second half of the FY picked up significantly and, against all odds, MediaCorp finished FY 2009/10 with stronger earnings than a year ago. This was largely due to stringent belt tightening but without any staff being retrenched. For this, I have my colleagues to thank as everyone rallied behind the company."

Added Mr Chow, "Going forward, we are confident to grow our advertising revenue on the back of a strong Singapore economy. We will continue to invest in human capital, leverage on technology and diversify our revenue sources. As Singapore's largest content producer, we are confident that there will be opportunities for MediaCorp to be a key player in Singapore’s Next Generation National Broadband Network."

The strong earnings performance cap a year which saw many product innovation and achievements, notably, the formation of MediaCorp NewsHub, Asia’s first convergent newsroom; the launch of its Out-of-Home business at Ion Orchard and Orchard Central; the formation of MediaCorp VizPro International for events business and a collaboration with Microsoft to create a new online portal, xinmsn.com.


Issued by Corporate Communications, MediaCorp Pte Ltd

For more information please contact
Clarence Pong
Head
Corporate Communications and Marketing
MediaCorp
DID: 6350-3343
Fax: 6251-5628
Email: clarencepong@mediacorp.com.sg

About MediaCorp

MediaCorp is Singapore’s leading media company with the most complete range of platforms, spanning television, radio, newspapers, magazines, movies, digital and out-of-home media.

It pioneered the development of Singapore’s broadcasting industry, with the broadcast of Radio in 1936 and Television in 1963. Today, MediaCorp has over 50 products and brands in four languages (English, Mandarin, Malay and Tamil), reaching out to all adults in Singapore every week. 

Our industry firsts include the Digital Video Broadcast technology for outdoor digital television, and Asia’s first Digital Audio Broadcast radio service. Initiatives in the digital space include online classifieds, Internet TV-on-demand and High Definition TV broadcast. 

MediaCorp is an active regional player through co-productions in TV dramas and movies, magazines publishing, as well as Channel NewsAsia International, the first Asian-owned English news channel.

Our financial and strategic relationships in the region since 2007 include a venture with Indonesia's most integrated media company PT Media Nusantara Citra and its parent, Global Mediacom, and International Media Corporation in Vietnam, set up to develop and produce television entertainment and economic news content.

Winner of numerous international awards and accolades including Asia Television's Broadcaster of the Year, MediaCorp’s vision is to become Asia’s top media company, delivering valued content to the world.

For more information, please visit www.mediacorp.com.sg