SPH's Q3 net profit jumps 80.7% on fair value gains from investment properties

The Singapore Press Holdings (SPH) News Centre. SPH posted a 80.7 per cent jump in third-quarter net earnings on Monday, July 15, 2013, thanks largely to one-off fair value gains arising from a change in accounting recognition of investment prop
The Singapore Press Holdings (SPH) News Centre. SPH posted a 80.7 per cent jump in third-quarter net earnings on Monday, July 15, 2013, thanks largely to one-off fair value gains arising from a change in accounting recognition of investment properties. -- ST FILE PHOTO: ALPHONSUS CHERN

Media group Singapore Press Holdings posted a 80.7 per cent jump in third-quarter net earnings on Monday, thanks largely to one-off fair value gains arising from a change in accounting recognition of investment properties.

Net profit for the three months to May 31 came in at $187.5 million, about $83.8 million higher than the same period a year ago.

Excluding the effect of one-off items, its net profit of $100.5 million was $3.3 million, or 3.1 per cent, lower, than the previous year.

SPH chief executive Alan Chan said on the outlook for the year: "The group's advertising revenue performance will be driven by market conditions and consumer sentiment in the key advertising sectors. The group will continue its strategy to invest in online media and pursue growth opportunities, while striving to sustain its core newspaper business."

Last week, SPH filed a preliminary prospectus for its retail mall real estate investment trust, sending its shares climbing to a three-week peak.

SPH shares closed flat at $4.33 before the results were announced.