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SPH builds on resilience of core media business while seeking opportunities
SINGAPORE Press Holdings will continue to focus on building resilience for its core media business as it explores opportunities to add value to the group, said chairman Lee Boon Yang.
Towards this end, the group launched a group-wide review of its core media business which included the consolidation of its marketing teams across print, digital, radio and out-of-home together with a fully-integrated newsroom operations to boost synergies and leverage on the strengths of its staff from various platforms.
"This will better position SPH to deliver more effective integrated solutions to our advertisers and business partners," said Dr Lee in his opening remarks at the media group's annual general meeting on Thursday.
The meeting held at SPH News Centre was attended by more than 400 shareholders.
The group made a net profit of S$265.3 million for the year ended August 2016, down 17.5 per cent from a year ago. Revenue from the media business fell by S$68.3 million or 7.6 per cent; advertisement revenue slipped by S$61.5 million or 9.2 per cent and circulation revenue dropped S$5.3 million or 3 per cent.
"The good news is that despite challenging times and changing media consumption patterns, our core newspaper business maintained its leading position," said Dr Lee, adding that total circulation for both print and digital editions clicked higher by 2.8 per cent to an average of 997,300 copies per day.
SPH shares finished on Thursday at S$3.73, down 2 Singapore cents or 0.5 per cent.