SINGAPORE - Media group Singapore Press Holdings reported that net profit for the full year slipped 6.2 per cent to $404.3 million, on lower profit contribution from its main newspaper and magazine business.
Operating revenue for the year fell 2 per cent to $1.22 billion, as revenue from the newspaper and magazine business fell 6 per cent on lower advertising and circulation revenue.
The newspaper and magazine business saw a 16 per cent drop in profit to $246.4 million.
But this was partially offset by a 7.6 per cent rise in profit in the property business to $239.4 million, thanks to higher rental income from Paragon and The Clementi Mall.
SPH's other businesses, which include exhibitions, radio and the SgCarMart portal, also registered strong growth, with revenue soaring 56.7 per cent to $78.5 million.
It also turned a profit of $12.2 million, after having made a loss of $38 million last year, partly thanks to a one-off gain on the partial divestment of the 701Search classified ads portal.
SPH's cost base remained well-contained, with total operating expenditure down 0.7 per cent to $882.1 million.
"Uncertainties in the global macroeconomic environment continue to persist, with escalating geopolitical tensions weighing on the somewhat benign outlook," noted chief executive Alan Chan.
"Having completed the organisational review during the year, the group has undertaken a journey of transformation to counteract the challenges presented by a rapidly evolving media landcape. We have gained traction in our quest and will be intensifying efforts to reinvigorate the core media business."
The board has recommended a final payout of 14 cents a share, comprising a final dividend of eight cents and special dividend of six cents.