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A higher tax rate of 31.2% in 2008 compared to 24.4% in 2007, mainly due to the reinvestment allowances being fully utilised in 2007, further contributed to a lower Group profit after tax of RM138.70 million against last year's RM168.88 million. Apart from that, the net asset backing per share as at 31 December 2008 dropped one sen to 164 sen against 165 sen the year before.

Prospects

2009 is expected to be a tough year for the Group with the impact of the global financial crisis according to Annual Report 2008 of Star Publication (Malaysia) Berhad. This is due to the global financial crisis is being more severe than triggering concerns of recession and lack of financial liquidity in the economy.

According to the Malaysian Institute of Economic Research ('MIER'), monthly indicators have been losing momentum and industrial output has contracted. It also reported that consumer and business confidence have dropped sharply. Consumer Sentiments Index dropped by 17.5 points compared to 88.9 points in the third quarter of 2008. This has greatly affected The Group's newspaper sales. The dismal sectored indices compelled MIER to adjust estimated GDP growth for 2008 from 5.5% to 5.1%.

After carrying out extensive research on this industry and company, if I was the investor of company, I will NOT invest in this company. Even though the economy recovering which according to the ECM Libra investment research, the sign of recovery in economy could result in further improvement in adex figure for 4Q 2009.

Economy recession took a long period to recover so we will not take the risk to invest in this company. The revenue increase from 3Q 2008 to 3Q 2009 was due to advertising expenditure (adex) which Hari Raya holidays in September could have contribute positively to the improved year-on-year and quarter-on-quarter performance.

Since the revenue increases during the 3Q, it doesn't mean that the revenue will continue to increase to the next quarter.

Meanwhile, Star's net profit for the third quarter ended Sept 30, 2009 (3Q 09) fell 17% to RM32.61 million from RM39.09 million a year earlier due to lower revenue from the print and electronic media division, higher printing cost and lower margins from the events, exhibition, interior and thematic division.

KUALA LUMPUR: The New Straits Times Press (M) Bhd posted net profit of RM18.49 million for its third quarter ended Sept 30, 2009, an improvement from a year ago and on-quarter basis, underpinned by higher revenue, lower operating expenses and higher other operating income.

NSTP said on Tuesday, Oct 27 that 3Q net profit rose 14.9% from RM16.09 million a year ago and up 74.7% from the second quarter's RM10.58 million.

Earnings per share were 8.51 sen compared with 7.41 sen a year ago. Its net asset per share was RM4.60.

For the nine-months ended Sept 30, 2009, the group posted net profit of RM26.16 million, down 35% from RM40.24 million in the previous corresponding period due to operating loss in the first quarter amid the weak economic scenario at the beginning of the year.

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