Singapore Press Holdings' net profit fell 21.9 per cent in the first quarter, as operating revenue across its newspaper and magazine and other businesses declined.
For the quarter ended Nov 30, SPH recorded a net profit attributable to shareholders of S$69.4 million, down from S$88.8 million a year ago.
Operating revenue tumbled 6.5 per cent to S$307.1 million. Its newspaper and magazine business saw revenue fall 7.9 per cent to S$235.6 million, as advertisement and circulation revenue declined.
Revenue from its other businesses - comprising those in online classified, events and exhibitions, online investor relations and financial portal services, among others - also fell 8.4 per cent to S$20 million. A shift in show dates for certain shows had affected revenue for the exhibition business, though this was partially offset by the local online and classified and radio business.
The property business, including retail assets from the SPH Reit, Paragon and the Clementi Mall, saw revenue edge up to S$51.4 million from S$50.8 million a year ago.
The global macroeconomic outlook remains muted, the firm noted, with concerns over various risks such as rising interest rates, deflationary pressures, geopolitical tensions and a global pandemic outbreak. This, coupled with a tight local labour market, means the domestic economy will post modest growth, SPH added.
The counter closed at S$4.11 on Tuesday, down 2 cents, before the announcement of the results.