Singapore Press Holdings Limited today reported its results for the first quarter ended 30 November 2015 (1Q 2016). Net profit attributable to shareholders was $81.3 million. This was $12.0 million or 17.3% higher compared to the same period last year (1Q 2015).
At the operating level, group recurring earnings was $99.0 million, some $3.4 million or 3.3% lower than the same period last year. Investment income for 1Q 2016 was $10.3 million. The improvement of $8.7 million against the corresponding period last year was mainly due to a fair value loss that was included in 1Q 2015 on forward hedges for portfolio investments.
The share of losses of associates and joint ventures declined by $6.2 million or 77.5% against 1Q 2015, due to reduced losses from the regional online classifieds business.
Group operating revenue of $296.2 million was $10.9 million or 3.5% lower than the same period last year, as higher contribution from the Property segment and growth businesses cushioned the slide in the Media business.
Revenue for the Media business fell $21.4 million or 8.7% against 1Q 2015, primarily due to a $20.0 million or 10.6% decline in advertisement revenue as anaemic economic growth and a continuously evolving competitive landscape weighed on the performance of the Media business.
The Property segment continued to register steady growth during the quarter. Revenue rose by $8.2 million or 16.0% YOY, lifted by contribution from The Seletar Mall which commenced business on 28 November 2014.
Revenue from the Group’s other businesses was up $2.3 million or 20.2% against 1Q 2015, bolstered by higher income from the exhibitions and online classifieds businesses. For the quarter, total operating expenditure dipped $2.5 million or 1.2% to $205.7 million, a result of the Group’s continued emphasis on cost discipline and operating efficiency.