Singapore Press Holdings Limited announced first quarter results

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.