LISTED Prime Media Holdings, Inc. announced on Friday that its net loss increased by nearly 67 percent to P2.98 million from P992,120 as business costs increased while rental revenue decreased.
Expenses rose by 24 percent to P5.59 million from P4.5 million, as legal costs increased and more resources were outsourced throughout the year.
The company’s topline fell to P2.67 million, a 34% decrease from P3.58 million in 2019.
Prime Media announced in March that it had signed a memorandum of understanding (MoU) with RYM Business Management Corp. and New Era Empire Realty Corp. to “revitalize” the corporation via new businesses in real estate, media and entertainment, the games industry, and financial technologies.
The agreement rendered New Era the largest shareholder of Prime Holdings.
Prime Media has also recently revealed that it is seeking a media partner to create and distribute local shows as well as host major sporting events.