SINGAPORE - Singapore Press Holdings said on Tuesday (Jan 12) that its first-quarter net profit rose 17.3 per cent from the same period a year ago to $81.3 million.
However, recurring earnings from operations for the three months ended Nov 30 fell 3.3 per cent to $99 million.
Group operating revenue fell 3.5 per cent year-on-year to $296.2 million, with higher contributions from the property segment and growth businesses cushioning a slide in the media business.
Revenue for the media business fell 8.7 per cent in the first quarter from the same period a year ago, primarily due to a 10.6 per cent decline in advertisement revenue amid anaemic economic growth and a continuously evolving competitive landscape.
The property segment continued to register steady growth during the quarter. Revenue rose by 16 per cent from the year before, lifted by contribution from The Seletar Mall, which commenced business on Nov 28 last year.
Revenue from SPH's other businesses was up 20.2 per cent, bolstered by higher income from the exhibitions and online classifieds businesses.
"Despite the sluggish macroeconomic environment and structural challenges confronting the media industry, the group managed to deliver another set of satisfactory results. This is a testament to our efforts in diversifying revenue streams and managing costs effectively," said chief executive Alan Chan.
"That said, the operating environment for Financial Year 2016 is expected to remain difficult, in view of the economic outlook and an increasingly fragmented media landscape.
"To address the challenges ahead, the group will redouble its efforts to sustain the media business, including adjacent businesses, and continue to evaluate and pursue growth opportunities."