SINGAPORE - Media and property group Singapore Press Holdings (SPH) reported net profit of $60.4 million for its first quarter ended Nov 30, 2017, up 32 per cent from $45.7 million in the same period last year.
Operating revenue slipped 7 per cent to $258.8 million, dragged by a 13.9 per cent decline in media revenue to $173.9 million.
But cost reductions meant operating profit fell only 4.1 per cent to $67.9 million.
Profit was boosted by an investment income of $12.4 million, owing to gains on disposal of investments and dividend income.
SPH chief executive officer Ng Yat Chung said in a statement that the company will roll out new products to deal with the disruption in the core media business.
"At the same time, we will continue to pursue other growth opportunities to diversify revenue streams," he said.
SPH shares closed at $2.63, down 2 cents or 0.8 per cent, before the results were announced.