Singapore Press Holdings chalks up 7.5% rise in Q2 net profit to $81.3m
Published on Apr 11, 2014 6:19 PM
MEDIA and property group Singapore Press Holdings (SPH) said on Friday that second-quarter net profit rose 7.5 per cent as it booked a gain from partially selling its stake in the regional online classified business.
Contributions from the exhibitions, online classified and the radio business also played a part as earnings for the three months ended Feb 28 hit $81.3 million, up from $75.6 million a year earlier.
However, group operating revenue fell 1.2 per cent to $278.8 million.
Turnover from the newspaper and magazine business fell 5.7 per cent to $211.6 million as advertisement and circulation revenue both fell. But SPH said this business is on track to deliver cost initiatives which would generate annual savings of $19 million when implemented.
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