Despite a 20.4 per cent drop in net profit for the 2014-15 financial year, Singapore Press Holdings turned in a creditable performance in light of prevailing market conditions, chairman Dr Lee Boon Yang has told shareholders.
Dr Lee told the company’s annual general meeting on Tuesday that it had been a challenging year for SPH marked by a volatile market and slowing economy.
“An increasingly competitive media landscape added to the challenges. However, I am pleased that SPH has performed well in spite of these difficulties,” he said.
Dr Lee also reaffirmed SPH’s long-term strategy of investing in digital media companies with synergies to its existing businesses through bodies like SPH Plug and Play, an accelerator program that identifies and nurtures young companies that show potential.
“I am confident that with your support and our resources, adaptability and resilience, SPH will be able to pursue opportunities for sustainable growth and value creation.”
The chairman also outlined major achievements from the past financial year like the strong contribution of SPH REIT, the company’s property division, and its core newspaper business reporting a 4.3 per cent increase in print and digital circulation.
Singapore broadsheet The Strait Times and financial daily Business Times both delivered revamps of its app and website offerings, with more ad opportunities made available to advertisers across platforms.
“While we continue to invest in new media, we also consistently innovating as we drive traditional print-advertising through industry engagement and creative ad ideas,” he said.