SPH posts Q3 profit of $89.6m

CONTINUED cost and efficiency measures paid off for Singapore Press Holdings (SPH) as it achieved a 7.5 per cent rise in third-quarter operating profit to $98.4 million despite a dip in group operating revenue.

But SPH's net profit for the three months ended May 31 fell 52.2 per cent to $89.6 million from $187.5 million a year ago. The year-ago 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.

The net earnings of $89.6 million, which beat market expectations of $84.1 million based on a Bloomberg poll of three analysts, translated to earnings per share of six cents, against 12 cents a year earlier.