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.