Astro Malaysia Holdings Bhd net profit plunged 94.5 per cent year-on-year (YoY) to RM5.8 million in its third quarter (Q3) ended Oct 31, 2022 (FY23) from RM105.92 million in the same period last year.

In its filing with Bursa Malaysia, Astro said Q3 revenue fell 9.4% to RM926.2 million from RM1.02 billion a year earlier on a decrease in subscription revenue and merchandise sales, but offset by an increase in advertising revenue.

The radio segment was one of few positives as Q3 revenue was higher by RM19.8 million or 60.9% compared with the corresponding quarter last year, benefiting from recovery momentum in the transition to the endemic phase.

Favourable radio revenue growth contributed to a 164% rise in Ebitda, or by RM14.1 million, compared with the corresponding quarter last year.

Astro group CEO Henry Tan said that going forward, the company would continuously invest in transformation for long-term and sustainable growth, focusing on content, broadband, streaming, customer experience, data, addressable advertising and technology to better serve customers.