SPH first quarter earnings dip 6.6%
MEDIA and property company Singapore Press Holdings (SPH) reported that first quarter net profit dipped 6.6 per cent as part of the profits from the recently-listed SPH Reit has to be paid out to minority shareholders.
Net profit for the three months to Nov 30 were $88.8 million, compared to $95.1 million a year ago.
SPH Reit listed in July 2013, containing The Clementi Mall and Paragon. SPH maintains a 70 per cent stake in the real estate investment trust while 30 per cent is held by minority shareholders.
The company said that recurring earnings were $116.9 million, 2.2 per cent higher than a year ago. Group operating revenue rose 2 per cent to $328.5 million.