SPH full-year net profit down 25%
SINGAPORE — Singapore Press Holdings (SPH) said yesterday it is “reviewing new growth opportunities whilst exploring ways to reinvigorate its core media business”, after full-year net profit fell 25 per cent to S$431 million.
SINGAPORE — Singapore Press Holdings (SPH) said yesterday it is “reviewing new growth opportunities whilst exploring ways to reinvigorate its core media business”, after full-year net profit fell 25 per cent to S$431 million.
Profit was dragged down by a 43.9 per cent decline in lower fair value gains, after it changed its accounting policy for investment properties from cost to fair value model in view of the establishment of SPH REIT.
Operating revenue fell 2.6 per cent to S$1.24 billion. The turnover for its newspaper and magazine business declined 3.9 per cent to S$991.2 million, mainly due to a 4 per cent fall in advertisement revenue and a 3.6 per cent drop in circulation revenue.
It proposed a final dividend of 15 cents per share.
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