SPH Q1 earnings dip 6.6% to $88.8m

SINGAPORE Press Holdings (SPH) has reported a 6.6 per cent dip in first-quarter net profit, due to a reduced share of property earnings and a slower newspaper and magazine business.

SPH, which owns The Business Times, posted net profit of $88.8 million or six cents per share for the three months ended Nov 30, 2013, as newspaper and magazine operating revenue slipped 2.9 per cent to $255.9 million.

Advertising revenue declined by 2.8 per cent or $5.8 million, while circulation revenue eased 4.7 per cent or $2.3 million for the quarter.