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SPH's Q3 net profit drops 52.2% on absence of one-off gains

Published on Jul 15, 2014 6:36 PM
The Singapore Press Holdings News Centre. -- ST PHOTO: ALPHONSUS CHERN

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."

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