Nation Multimedia expects its 2009 revenues to drop to 2.3 billion baht from 3.2 billion last year as advertising fell sharply with the global downturn.
NMG, the publisher of The Nation and Krungthep Turakij dailies, expects to move forward with plans to list two subsidiaries on the Market for Alternative Investment in the fourth quarter.
Chief executive Thanachai Santichaikul said that if sentiment remained weak, listing could be delayed until 2010.
NMG reported first half losses of 110 million baht, compared with a profit of 1.11 million the same period last year. Second-quarter losses were 33.47 million baht, compared with a loss of 5.83 million the same period last year.
The company blamed a 27% decline in ad revenues in the first half for the loss. Sales and service revenues in the first half fell 21% compared with the same period last year, with print ad revenues off 36% and new media advertising down 8%. Broadcast ad revenues rose 16% year-on-year for the first half.
Circulation revenues fell 19% in the first half from the same period last year, with newspaper circulation down 8% and revenues from pocket books and comic books down 33%. Revenues from printing, magazine distribution and logistics services rose 35% year-on-year.
Cost of sales and operating expenses for the first six months of 2009 decreased by 14% compared to the same period of 2008, thanks largely to a 13% decline in transport costs as a result of falling fuel prices. Sales promotion expenses fell by 36% in the first half from last year.
Printing operations accounted for 75% of group revenues in the first half, with TV accounting for another 15% and other businesses the rest.
NMG plans to list Nation International Edutainment (NINE), which prints pocket books and other publications, and Nation Broadcasting Corp, the Nation Channel's TV operator, on the MAI.
Shares of NMG closed yesterday on the SET at 3.32 baht, up two satang, in trade worth 52,000 baht.
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