MONO Reports Net Loss of THB255 Million from Lower Ad Revenue and Higher Expenses

Mono Next Public Company Limited (SET: MONO) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
-255.14 69.33
Earning Per Share
-0.0740 0.0200

MONO reported a net loss of 255.1 million baht in 2023, a contrast to 69.33 million baht in 2022. The downturn was due to a loss from operations. This is because (a) advertising revenue has decreased due to uncertain economic conditions, including high interest rates and slow purchasing demand. Overall, advertising revenue for this year has decreased from the previous years. Additionally, (b) in the 4th quarter of 2023, the Company and its subsidiaries recorded adjustments to reduce deferred tax assets worth of 192.8 million Baht to align with estimates expected to be received from tax benefits. (c) There has been an increase in sales and marketing expenses in the latter half of 2023 from the launch of movies and series under MONO ORIGINAL, totaling four productions. Therefore, it is necessary to create awareness and brand recognition as much as possible in the initial stage.

Total revenue for the year 2023 decreased by 195.8 million Baht, representing a decrease of 9.4% compared to the previous year.

In early 2024, the company announced restructuring of its operations and downsizing several business units in order to be a desired lean energetic organization, aiming to drive the company forward and achieve challenging goals in the future. In the plan for 2024, the company continues to emphasize its exclusive content production business through its own primary media channels, including MONOMAX streaming video business, MONO29 digital television channel, international licensing sales, and cost control, also including the use of AI technology to enhance operational efficiency.