SPH posts Q3 profit of $89.6m
Net earnings hit by absence of one-off fair value gain but operating profit up
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
‘Limits’ to MOH intervention for Cordlife customer refunds, compensation: Janil
Samsung to buy French medical AI firm Sonio
UG Healthcare fully acquires German associate company for 16.9 million euros
UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion
AI boom set to fuel data centre deals in Asia this year
Tesla sends top executive back to China as sales slump worsens