SINGAPORE - Challenging conditions for its media business continued to weigh on Singapore Press Holdings' (SPH's) net profit in the third quarter.

Net profit for the three months ended May 31 fell 46.4 per cent compared with the same period a year ago to $52.7 million.

Impairment charges of $28.4 million related to the magazine business - whose performance was affected by unfavourable market conditions - weighed on earnings in the quarter, the media group said in a July 15 release.

Operating revenue slid $15.2 million or 5 per cent year-on-year to $291.6 million, amid structural challenges confronting the media industry and the sluggish economic environment.

The media business saw a $15.7 million or 9.2 per cent dip in advertisement revenue for the quarter.

Circulation revenue was stable year-on-year, aided by the positive impact of newspaper cover price increases implemented on March 1.

SPH's property division fared better despite the softer retail scene, with revenue up $1 million or 1.6 per cent from the corresponding period a year ago.

This came on the back of higher rental and services revenue from the group's retail assets.

SPH has embarked on a comprehensive review of its core media business given the challenging market conditions, said chief executive officer Alan Chan in a statement.

"The aim is to better address the evolving needs of our advertising customers and deliver effective, integrated solutions across our various media platforms," he added.

The group will also "critically examine our product portfolio" and identify areas where it can enhance operational efficiency, said Mr Chan.

"We are confident that our continued transformation efforts will position SPH as a forward-looking and efficient organization, one that is ready to meet the changing demands of a new marketplace."