MNC Sky Vision's revenue declines 13.5% in first quarter
JAKARTA - Net revenue of PT MNC Sky Vision Tbk (MSKY) in the first quarter of this year fell 13.5% to Rp 510.11 billion from Rp 589.76 billion in the same period last year.
Based on MSKY's financial statements that ended on March 31, 2020, the largest contribution to the company's revenue came from the program's broadcasting service segment which was recorded at Rp 479.28 billion. This amount decreased by 14.4% from the achievements in the first quarter of 2019 amounting to Rp 560.34 billion.
In line with the decline in revenue, the company's cost of revenue also dropped to Rp 269.68 billion. On the other hand, the company's selling expenses and general and administrative expenses increased in the first quarter. In addition, the company also posted a foreign exchange loss of Rp 21.62 billion.
As a result, MSKY posted a net loss of Rp 34.62 billion in the first three months of this year. This loss is smaller compared to the loss recorded by the company in the first quarter of last year of Rp 51.01 billion. (LM)