SPH Q1 earnings down 17.2% on higher costs, lower print ad sales

Singapore

MEDIA and property group Singapore Press Holdings (SPH) saw its net profit for the first quarter to November down 17.2 per cent to S$46.3 million, as contributions from its media segment continued to slide - though somewhat mitigated by property takings.

The mainboard-listed group reported an operating revenue of S$243.98 million for the three months, or 4.1 per cent lower year on year. The decline in topline was mainly due to lower newspaper print advertisement revenue, the publisher of The Business Times, SPH, announced in a regulatory filing on Monday.