JAKARTA - PT Media Nusantara Citra Tbk (MNCN) posted a net profit of Rp 674.9 billion in the second quarter of this year. This figure jumped by 6% compared to the same period last year of Rp 639.4 billion.
MNCN’s net profit increased, despite a 18% decline in net revenue from Rp 2.36 trillion in Q2 2019 to Rp 1.95 trillion in Q2 2020. This decline was attributed to the cancellation of some big events due to the pandemic COVID-19 including Euro Cup which was originally planned to take place in June 2020.
Advertising revenue declined by 20% in Q2-2020 to Rp1,803 billion compared to Rp2,265 billion in Q2-2019, but digital ads posted a strong growth of 27% YoY to Rp210 billion from Rp165.8 billion in Q2-2019, despite a soft adex in Q2-2020.
The Company’s content revenue was recorded at Rp336.5 billion in Q2-2020, representing a decrease of 26% YoY from Rp452.9 billion in 2019 due to the smaller content production volume for the FTAs within the group. However, content revenue from third parties (shown as net content revenue after elimination) increased by 54% YoY to Rp113.8 billion in Q2-2020 from Rp73.7 billion in the same prior-year period. (LM)