SPH Q3 profit at S$28.9m, down 45%

MEDIA and property group Singapore Press Holdings (SPH) on Friday reported a net profit of S$28.9 million for its third quarter ended May 31, 2017, down 45 per cent from S$52.7 million a year ago.

Operating revenue was down 10.8 per cent to S$260 million, due to a 15.7 per cent revenue decline in its core media business to S$182.5 million.

Results were affected by impairment charges of S$37.8 million, primarily due to the magazine business whose performance continued to deteriorate further amid unfavourable market conditions.

Alan Chan, SPH chief executive officer, said the group will forge ahead with its drive to transform its core media business.

"We have pursued other growth opportunities to diversify revenue streams. To date, we have made steady progress with the recent acquisition of Orange Valley Healthcare and our joint venture winning the tender to develop a mixed commercial and residential site at Bidadari," he said.

SPH, which owns The Business Times, closed at S$3.11, up six cents, before results were out.