SINGAPORE - Media group Singapore Press Holdings (SPH) posted a slide in third-quarter earnings on Tuesday, largely due to the absence of one-off gains.
Net profit for the three months ended May 31 dropped 52.2 per cent to $89.6 million, as last year's results were boosted by a one-off fair value gain on investment properties of $111.4 million arising from a change in recognition from cost to fair value basis.
But operating profit improved 7.5 per cent to $98.4 million due to the company's "continued emphasis on cost discipline and efficiency gains". Its total costs fell by 9.7 per cent or about $23.2 million, more than offsetting its 4.9 per cent dip in total revenue of $16.3 million.
SPH chief executive Alan Chan said: "In response to the rapid changes in the media industry and structural shifts in consumer behaviour, the group has embarked on a journey of restructuring and transformation."
He added that SPH "will continue to intensify its efforts to address the evolving media landscape whilst pursuing growth opportunities".