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SPH profit down 25%; creates $100m fund

The New Media Fund will look to invest in related businesses to reinvigorate the group's core business

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"If I am direct, most of our indicators are down," SPH chief financial officer Tony Mallek said at a press briefing - PHOTO: SPH

Singapore

SINGAPORE Press Holdings (SPH) is establishing a $100 million New Media Fund to reinvigorate its core business after weak ad and circulation sales dragged fiscal 2013 net profit down by 25 per cent.

"If I am direct, most of our indicators are down," SPH chief financial

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