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Singapore Press Holdings reports 25% drop in full year net profit to $431 million

Singapore Press Holdings has posted a 25 per cent drop in full year net profit to $431 million. -- ST FILE PHOTO: JOSE ENRIQUE SORIANO
Singapore Press Holdings has posted a 25 per cent drop in full year net profit to $431 million. -- ST FILE PHOTO: JOSE ENRIQUE SORIANO

Singapore Press Holdings has posted a 25 per cent drop in full year net profit to $431 million.

Revenue for the year ended Aug 31 edged down 2.6 per cent to $1.24 billion.

The current year's results included a fair value gain of $111.4 million arising from the change in recognition of investment properties from cost to fair value basis following the establishment of SPH REIT.

This was 43.9 per cent lower than the fair value gain recognised in the previous year based on restated financial statements.

Group recurring earnings shrank by 13.9 per cent to $369.3 million, mainly attributable to lower contribution from the newspaper and magazine business including an impairment charge for an overseas subsidiary.

Revenue for the newspaper and magazine business fell 3.9 per cent to $991.2 million.

This was attributable to declines of 4 per cent and 3.6 per cent respectively in advertisement revenue and circulation revenue.

Rental income rose by 3.5 per cent to $198.1 million on the back of higher rental rates achieved by Paragon, while income from The Clementi Mall remained stable.

Earnings per share slipped to 27 cents from 36 cents previously while net asset value per share eased to $2.19 from $2.28.

Final and special dividends totalling 15 cents a share were proposed.