MEDIA and property company Singapore Press Holdings (SPH) reported that first quarter net profit dipped 6.6 per cent as part of the profits from the recently-listed SPH Reit has to be paid out to minority shareholders.

Net profit for the three months to Nov 30 were $88.8 million, compared to $95.1 million a year ago.

SPH Reit listed in July 2013, containing The Clementi Mall and Paragon. SPH maintains a 70 per cent stake in the real estate investment trust while 30 per cent is held by minority shareholders.

The company said that recurring earnings were $116.9 million, 2.2 per cent higher than a year ago. Group operating revenue rose 2 per cent to $328.5 million.

Revenue for the newspaper and magazine business was 2.9 per cent lower at $255.9 million due to lower advertisement and circulation revenue. But revenue for the property segment rose 5.4 per cent to $50.8 million due to the back of higher rental income from Paragon and The Clementi Mall, and operating revenue from the exhibitions business also rose.

Materials, production and distribution expenses were lower, as were business promotion costs. But staff costs and finance costs rose.

Mr Alan Chan, Chief Executive Officer of SPH commented: "The near-term global and domestic economic outlook remains modest with persisting uncertainties. Against the backdrop of an evolving media landscape and changing consumer behaviour, the Group continues to evaluate and pursue new growth opportunities whilst striving to revitalise its core media business."