SPH to provide updates to shareholders amid Covid-19 situation

FOLLOWING the Singapore Exchange Regulation column which urged listed firms to provide regular business updates during the Covid-19 situation, Singapore Press Holdings (SPH), which publishes The Business Times, has released an operational update to shareholders and intends to continue doing so.

The corporate update covers the company's key business segments to improve investors' understanding of the situation, said SPH chief executive officer Ng Yat Chung, adding: "Where appropriate, we will release updates from time to time and hope that shareholders find them useful."

In its update, SPH noted that digital subscriptions rose 4 per cent in March from the previous month, boosted by news tablet subscriptions.

As announced earlier, the company's purpose-built student-accommodation business in the United Kingdom has remained resilient in the face of Covid-19. Construction is progressing with minimal disruptions and bookings are still coming in for the sites under construction.

The £4.5 million (S$5.14 million) reduction in revenue from rental refunds was at the lower end of SPH's expectations of £4 million to £8 million. Bookings were 60 per cent as of April 20, higher than a year ago; 65 per cent of the target revenue for the current financial year has been achieved.

As a retail landlord, it has granted rental rebates of about S$4.6 million in total to affected tenants in February and March. It is considering an extension of support to tenants, in view of the recent extension of circuit breaker measures through to June 1.

On the financial front, SPH is refinancing an outstanding loan due in July, with no further loans due till June 2021.

With an additional drawdown of S$325 million credit in April, the firm has cash balances of over S$800 milion. It is also receiving S$46 million via government support measures.