♦ Below expectations. Media Prima’s 2Q10 core net profit of RM36.7m (+92.1% yoy; +17.6% qoq) was below our and consensus expectations with 1H10 core net profit of RM59.3m (vs. RM8.0m in 2Q09) accounting for 34% and 38% of our and consensus expectations respectively. We believe the variances were largely due to: 1) lower-than-expected 6M’s EBITDA margin of 22.4% vs. our full-year EBITDA margin of 25%; and 2) higher-than-expected 6M’s effective tax rate of 28.6%, against our fullyear effective tax rate of 25%. As expected, no dividend was declared during the quarter.
Media Prima Berhad : 2Q10 Earnings Aided By Strong Recovery In Adex - 24/08/2010
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