Surya Citra Media's Net Profit Plunges 71% in Q3 2023

PT Surya Citra Media Tbk (SCMA)'s financial performance weakened in January-September 2023. This is evident in the company's net profit, which was recorded at Rp236.5 billion during this period.

This figure plummeted 71% year-on-year (yoy) from Rp308.74 billion in September 2022.

Revenue also decreased by 3.26% (yoy) to Rp4.89 trillion in the third quarter of this year. Previously, the revenue of this Emtek group company was Rp4.95 trillion in the third quarter of 2022.

In terms of revenue components, advertising contributed Rp4.94 trillion, down 3.52% year-on-year (yoy). Other revenue contributed Rp734.17 billion, a correction of 8.77% (yoy).

Despite this, the sales discounts of this media and broadcasting issuer decreased. SCMA's sales discounts were recorded at Rp893.30 billion in the third quarter of 2023, down 9.15% year-on-year.

Along with the weakening revenue across all segments, SCMA's program and broadcasting expenses also decreased by 17% (yoy) to Rp3.18 trillion by the end of the third quarter of this year.

Its liabilities were recorded at Rp2.1 trillion by the end of September 2023. This figure decreased from Rp2.24 trillion as of December 31, 2023. In the same period, SMCA's equity also fell from Rp8.70 trillion to Rp8.40 trillion.

(See also: Up 10%, Astra International Pockets Net Profit of Rp25.69 Trillion as of September 2023)