The decline in subscriptions is one of the factors driving the decline in Astro Malaysia Holdings Bhd's net profit.
For the financial year ending 31 January 2023, Astro's net profit fell 43.79% to RM259.04 million from 468.88 million in the previous year.
Meanwhile, revenue for the year fell 9.1% to RM3.8 billion from RM4.18 billion.
This follows lower earnings recorded by the company in the fourth quarter ending the same financial year.
Its net profit fell 56.75% to RM54.75 million from RM126.59 million in the fourth quarter, with revenue for the period down 3.9% to RM990.67 million from RM1.03 billion a year ago.
In its filing with Bursa Malaysia, the decline was attributed to a fall in subscriptions, advertising revenue and merchandise sales, which was offset by an increase in programming rights sales.
In addition, Astro projects that macroeconomic factors such as the slowdown in global growth and high interest rates will continue to affect households and businesses in the 2024 financial year.
Thus, the group maintains a cautious outlook and will monitor business conditions while managing costs prudently.
Astro shares rose again to around 66.5 sen in today's (Tuesday) trading, after dipping lower on Monday at 62 sen.
