SINGAPORE - Singapore Press Holdings (SPH) reported today (April 14) that its net profit attributable to shareholders for the second quarter if its financial year, ended Feb 28, was $69.6 million, 14.4 per cent lower than the corresponding quarter last year.
Recurring earnings of $68.0 million was 27.1 per cent higher than last year's.
Group operating revenue fell by 3.0 per cent, or $8.5 million, from Q2 last financial year to reach $270.3 million.
SPH said that the performance of the media business was pulled down by the "muted economic environment and continued softening of the advertising market". Advertisement and circulation revenues fell by $12.9 million (8.0 per cent) and $3.5 million (7.7 per cent) respectively.
The company said that stronger performance from the property segment partially cushioned the decline in the media business. Revenue from the property segment rose 17.2 per cent to $60.6 million, boosted by maiden contribution of $8.1 million from The Seletar Mall.
SPH chief executive Alan Chan said in the statement that "the year ahead is fraught with challenges from an uncertain economic environment, continued softening of the advertising market and the structural issues facing the media industry" and that SPH will "continue to intensify its efforts to sustain and strengthen the media business, by building upon our core competencies in the print and digital space".