Singapore Press Holdings has achieved a profit increase of almost 10 per cent for its third quarter.
SPH CEO Alan Chan announced the company had achieved a $98.2 million profit, up $8.6 million (9.6pc) compared with the corresponding period last year.
Recurring earnings of $105.2 million were $6.8 million higher (6.9pc).
Total revenue of $314.5 million increased by $1.7 million, while operating expenditure declined by $5.1 million (2.4pc).
Mr Chan said: “While the group has achieved improved performance for the quarter, the road ahead remains challenging given the muted economic outlook, a sluggish advertising market and a media industry confronted with structural challenges.
“Amid the difficult operating environment, the group will continue to focus on sustaining and strengthening our media business. In addition, we will evaluate and pursue new opportunities for growth.”
Mr Chan said the global economic outlook was expected to improve marginally with growth likely to remain “tepid and fraught with uncertainties”. He cited risks from a potential hard landing in China and a deflationary spiral in the Eurozone. “In Singapore, the tight labour market continues to weigh on the domestic economy. Overall, economic growth is expected to be modest,” he said.
Group operating revenue fell marginally by $2.9 million to $306.8 million.
A decline in SPH’s media business was mitigated by better performance from its property portfolio and exhibitions business.
Revenue from the media business dipped by $13.9 million (5.6pc) year-on-year, primarily due to a $14.3 million (7.7pc) fall in advertisement revenue.
For the year-to-date ended May 2015, recurring earnings of $275.5 million was $6.8 million (2.5pc) better than the corresponding period last year.
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