Singapore Press Holdings Limited has reported an increase of 16.5 per cent in net profit for the first quarter, despite lower advertising revenues in its media division.
Compared to the same period last year, SPH net profit rose from SG$78.1 million to $91.0 million.
Net profit attributable to shareholders was $81.3 million – an increase of 17.3 per cent compared to the same period last year.
A decline in advertising returns resulted in an 8.7 per cent drop in media division revenues, from $244 million to $223 million year-on-year.
SPH chief executive Alan Chan said the operating environment for financial year 2016 would remain difficult, due to the fragmented media landscape.
“To address the challenges ahead, the group will redouble its efforts to sustain the media business, including adjacent businesses, and continue to evaluate and pursue growth opportunities,” he said.
SPH’s property division is performing well. Revenue rose by 16 per cent year on year, from $51.4 million to $59.7 million. Part of this lift was contributed by The Seletar Mall, which opened on November 28, 2014.
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