MEDIA group Singapore Press Holdings posted a 34.8 per cent lower net profits of $73 million for the first quarter ended Nov 30.

The company on Monday said this was primarily due to the global financial crisis, which caused a $33.7 million loss to its investment portfolio.

Its core print advertising revenues also fell 7.3 per cent to $188.2 million, although its property arm enjoyed 86.3 per cent higher revenues of $81.1 million.

Group operating revenue was 9 per cent higher at $340.2 million.

SPH chief executive Alan Chan said the outlook for the current financial year is poor.

'The economic downturn is expected to last for several quarter and this will continue to impact the group's advertising revenue,' he said.

'We have taken measures to enhance revenue and contain costs, and will proactively implement further cost and efficiency initiatives. Barring unforeseen circumstances, the Directors expect the recurring earnings for the current financial year to be satisfactory.'