KUALA LUMPUR, May 29 — Star Media Group Bhd today reported a net loss of RM3.98 million for the first quarter ended March 31, 2020.

The Edge Markets, citing a filing to Bursa Malaysia today, reported that the group’s quarterly revenue declined 20.36 per cent to RM65.76 million from RM82.57 million.

In comparison, it reported a net profit of RM3.54 million a year ago on the back of strong revenue from its print media segment.

The business portal also said, under its print and digital segment, Star Media saw a loss before tax of RM4.47 million in the first quarter of 2020, compared to a profit before tax of RM3.65 million at the same time last year.

This was the result of the double whammy of a soft Malaysian economy and the movement control order (MCO) enforced to counter the Covid-19 pandemic in the country, which hit the group hardest in the second half of March, the report added.

The Edge Markets added that Star Media last reported a loss-making quarter in the fourth quarter of 2018 to the tune of RM9.1 million.

In its filing to Bursa Malaysia, Star Media said its board of directors remains confident the group will prevail in the long term because it has cash reserves of more than RM300 million with no borrowings, putting it in a good position for merger and acquisition opportunities during market consolidation.