The management of the Nation Multimedia Group (NMG) reaffirmed on Wednesday that the media group still has a strong potential for a turnaround in the coming year through a major restructuring effort and income diversification despite increased losses for the first three quarters of 2017.
In its latest quarterly financial statement filed with the Stock Exchange of Thailand on Tuesday evening, NMG reported a consolidated loss of Bt2,135.17 million for the nine-month period ending September 30, compared with Bt622.76 million for the same period last year.
Marut Arthakaivalvatee, chairman of the NMG board of directors, said the reported loss was due largely to the impairment calculated on the carrying value of the licenses held by Nation TV and NOW26, the two digital TV channels owned by NMG. The impairment loss was put at Bt1,493.77 million.
“But we have total confidence in the future of NMG. With an improving economy and the restructuring process we are going through, plus continuing efforts to hold down costs, we have strong potential for a turnaround next year,” he said.
Marut also emphasised that NMG has plans for business expansion, especially on digital platforms, that will help with income diversification. Besides the two TV channels, NMG operates three daily newspapers, including The Nation, as well as printing and logistics facilities.
Thepchai Yong, NMG’s chief executive officer, said 2018 will see the media group move toward more diversified news content to serve its expanding platforms. “We are confident that we will continue to maintain our leadership in the news business,” he said.