Prime Media net loss widens to nearly P3M

LISTED Prime Media Holdings, Inc. on Friday said its net loss ballooned by almost 67% to P2.98 million from P992,120 after company expenses grew while rental income declined.

Expenses amounted to P5.59 million from P4.5 million, which is up by 24% as legal fees increased and more services were outsourced during the year.

The company’s topline declined to P2.67 million, 34% lower than the P3.58 million generated in 2019.

In March, Prime Media said it entered a memorandum of understanding (MoU) with RYM Business Management Corp. and New Era Empire Realty Corp. to “revitalize” the company through new businesses across different sectors such as real estate, media and entertainment, the gaming industry, and financial technology.

The MoU made New Era a majority stockholder of Prime Holdings.

Prime Media also recently announced that it is on the lookout for a media partner to produce and broadcast local shows and host international sports events.

Shares of Prime Media on Friday went down by 3.79% or 11 centavos to close at P2.79. — Keren Concepcion G. Valmonte