SPH reports second quarter net profit of $71.5 million

SPH reports second quarter net profit of $71.5 million

SINGAPORE - Singapore Press Holdings Limited (SPH) today reported its results for the second quarter ended 28 February 2013 (2Q FY13). Group recurring earnings of $79.6 million was $10.4 million (11.6%) lower than that of the corresponding quarter last year (2Q FY12). Operating revenue fell $16.3 million (5.5%) to $282.2 million, but this was mitigated by a reduction in operating costs of $6.9 million (3.2%). Net profit attributable to shareholders was $71.5 million, $12.6 million (15.0%) lower compared to 2Q FY12.

Revenue for the Newspaper and Magazine business declined $17.2 million (7.1%) to $224.4 million. This was mainly attributable to a fall in advertisement revenue of $13.9 million (7.6%) to $168.5 million, especially in the property and transport sectors. In addition, circulation revenue contracted by $2.4 million (4.9%) to $47.3 million.

Rental income for the Group rose by $2.2 million (4.5%) to $50.2 million on the back of higher rental rates achieved by Paragon, while income from The Clementi Mall remained stable.

Operating revenue from the Group's other businesses dipped $1.2 million (13.5%) to $7.6 million.

Materials, production and distribution costs were lower by $5.3 million (10.1%), with a reduction in newsprint costs of $4.1 million (16.6%).

Staff costs decreased by $4.4 million (4.9%) due to lower variable bonus provision partially offset by salary increments.

Other operating expenses were $2.3 million (7.8%) higher due to step-up in promotional and other business activities for the online businesses.

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