Nation Multimedia expects long-awaited profit in 2008

General news - Thursday December 13, 2007

MEDIA PROFIT FORECAST

Nation Multimedia expects long-awaited profit in 2008

Aranee Jaiimsin

The Nation Multimedia Group expects a profit in 2008 after three straight years of losses, chairman Thanachai Theerattanavong said yesterday.

Cost-controls, such as the reduction in the firm's broadsheet size, and the sale of its 1.7-billion-baht Nation Tower would help raise funds to reduce the company's debt costs.

Mr Thanachai said the company expected sales this year to reach three billion baht, on par with 2006.

The company reported nine-month losses of 243.8 million baht on revenues of 2.33 billion, and 2006 losses of 154.2 million on revenues of 3.08 billion.

NMG is the publisher of the Nation, an English-language daily, Krungthep Turakij, a Thai-language business daily, and Kom Chad Luek, a Thai-language mass-market daily. The company also offers book publishing, radio and TV.

Mr Thanachai also yesterday announced the launch of NMG's Xpress, a new English-language tabloid paper.

The free paper, to be launched in March, aims for an initial circulation of 100,000, he said. The 48-page paper would be distributed at about 1,500 locations and target readers aged 25-35. The publication would offer news, emphasising variety, lifestyles, city life, entertainment and sports.

Mr Thanachai said NMG hoped to generate 400 to 500 million baht in ad revenues from Xpress within the first year. "The new paper will be not compete with The Nation, which is focused on more intellectual readers. Xpress content will be more relaxed," he said.

NMG shares closed yesterday on the Stock Exchange of Thailand at 7.55 baht, down 10 satang, in trade worth 230,000 baht.

Bangkok Post