SPH Q1 profit up 32% to S$60m on investment income boost

Media and property group Singapore Press Holdings (SPH) reported net profit of S$60.4 million for its first quarter ended November 30, 2017, up 32 per cent from S$45.7 million a year ago.

Operating revenue slipped 7 per cent to S$258.8 million, driven by a 13.9 per cent decline in media revenue to S$173.9 million.

But cost reductions meant operating profit fell only 4.1 per cent to S$67.9 million.

Profit was boosted by investment income of S$12.4 million, on gains on disposal of investments and dividend income.

Ng Yat Chung, SPH chief executive officer, said in a statement that the company will roll out new products to deal with the disruption in the core media business.

"At the same time, we will continue to pursue other growth opportunities to diversify revenue streams," he said.

SPH shares closed at S$2.63, down 2 cents or 0.8 per cent, before the results were out.