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Media and property group Singapore Press Holdings posted a slide in third-quarter earnings yesterday, largely owing to the absence of one-off gains seen in the same period last year.
Net profit for the three months ended May 31 dropped 52.2 per cent to $89.6 million.
Last year's results were boosted by a one-off fair value gain on investment properties of $111.4 million, arising from a change in recognition from cost to fair value basis, said SPH.
Last year, SPH said it had altered its accounting policy regarding the measurement of investment properties from a cost to fair value model.
Its operating profit improved 7.5 per cent to $98.4 million owing to the company's "continued emphasis on cost discipline and efficiency gains".
Its total costs fell by 9.7 per cent, or about $23.2 million, more than offsetting its 4.9 per cent dip in total revenue of $16.3 million.
Looking ahead, SPH chief executive Alan Chan said: "In response to the rapid changes in the media industry and structural shifts in consumer behaviour, the group has embarked on a journey of restructuring and transformation."
He added that SPH "will continue to intensify its efforts to address the evolving media landscape while pursuing growth opportunities".
Operating revenue declined 4.7 per cent to $309.7 million, arising from reduced contributions from its newspaper and magazine business. Advertisements turnover fell 8.2 per cent while circulation revenue dipped 5.8 per cent.
But turnover for its property business inched up 1.6 per cent to $51 million due to brighter rental income and full occupancy rates from the retail assets of SPH Reit, namely Paragon and The Clementi Mall.
Revenue from SPH's other businesses also grew by 23.8 per cent, or $3.7 million, led by contributions from the online classified and radio business.
Earnings per share for the quarter was six cents, down from 12 cents a year earlier, which included seven cents from the fair value gain on investment properties.
Group net asset value was $2.17 per share as of May 31, down from $2.19 as of Aug 31 last year.
SPH shares closed three cents lower at $4.13 yesterday before the results were unveiled.
The company has 19 titles licensed under the Newspaper and Printing Presses Act, of which nine are daily newspapers across four languages.
On an average day, 3.05 million people, or 76 per cent of those above 15 years old, read one of its news publications.
It also publishes and produces more than 100 magazines covering various interests from lifestyle to information technology.
Its digital products include online editions of newspapers and magazines, as well as mobile applications. Its online products enjoy 360 million page views with 23 million unique browsers each month.
Net profit for the three months ended May 31 dropped 52.2 per cent to $89.6 million.
Last year's results were boosted by a one-off fair value gain on investment properties of $111.4 million, arising from a change in recognition from cost to fair value basis, said SPH.
Last year, SPH said it had altered its accounting policy regarding the measurement of investment properties from a cost to fair value model.
Its operating profit improved 7.5 per cent to $98.4 million owing to the company's "continued emphasis on cost discipline and efficiency gains".
Its total costs fell by 9.7 per cent, or about $23.2 million, more than offsetting its 4.9 per cent dip in total revenue of $16.3 million.
Looking ahead, SPH chief executive Alan Chan said: "In response to the rapid changes in the media industry and structural shifts in consumer behaviour, the group has embarked on a journey of restructuring and transformation."
He added that SPH "will continue to intensify its efforts to address the evolving media landscape while pursuing growth opportunities".
Operating revenue declined 4.7 per cent to $309.7 million, arising from reduced contributions from its newspaper and magazine business. Advertisements turnover fell 8.2 per cent while circulation revenue dipped 5.8 per cent.
But turnover for its property business inched up 1.6 per cent to $51 million due to brighter rental income and full occupancy rates from the retail assets of SPH Reit, namely Paragon and The Clementi Mall.
Revenue from SPH's other businesses also grew by 23.8 per cent, or $3.7 million, led by contributions from the online classified and radio business.
Earnings per share for the quarter was six cents, down from 12 cents a year earlier, which included seven cents from the fair value gain on investment properties.
Group net asset value was $2.17 per share as of May 31, down from $2.19 as of Aug 31 last year.
SPH shares closed three cents lower at $4.13 yesterday before the results were unveiled.
The company has 19 titles licensed under the Newspaper and Printing Presses Act, of which nine are daily newspapers across four languages.
On an average day, 3.05 million people, or 76 per cent of those above 15 years old, read one of its news publications.
It also publishes and produces more than 100 magazines covering various interests from lifestyle to information technology.
Its digital products include online editions of newspapers and magazines, as well as mobile applications. Its online products enjoy 360 million page views with 23 million unique browsers each month.
