Tuesday, 22 July, 2014

 
Published July 15, 2014
SPH Q3 profit falls 52% in absence of one-off fair value gain
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SINGAPORE Press Holdings (SPH) on Tuesday reported a 52.2 per cent fall in net profit for the third quarter from a year ago, due to the the absence of a one-off fair value gain registered a year ago - ST PHOTO: ALPHONSUS CHERN

SINGAPORE Press Holdings (SPH) on Tuesday reported a 52.2 per cent fall in net profit for the third quarter from a year ago, due to the the absence of a one-off fair value gain registered a year ago.

Net profit for the three months ended May 31, 2014, stood at $89.6 million, down from $188 million posted the same period a year ago. Revenue slipped 4.7 per cent from a year ago to $310 million.

Last year's results were boosted by a one-off fair value gain on investment properties of $111 million, SPH said. That arose from a change in recognition from cost to fair value basis.

SPH's operating profit - which it says reflects the recurring earnings of the media and property business - was up 7.5 per cent to $98.4 million.