SPH Q2 net profit slips 1.2% on lower media revenue, to pay S$0.06 per share dividend

SINGAPORE Press Holdings' (SPH) second-quarter net profit slipped 1.2 per cent to S$53.5 million, dragged by its media business but cushioned by gains from disposing of investments.

On a per-share basis, net profit for the three months ended Feb 28, 2017, was flat at three Singapore cents for the media and property group, which also owns The Business Times.

The company has declared an interim dividend of six Singapore cents per share, one cent lower than the year-ago payout.

For the first half of the fiscal year, net profit fell 26.7 per cent to S$99.2 million, or six Singapore cents per share, on lower revenue, a writeback of contingent consideration for an acquired business and charges related to a review of the media business and impairment of an associate.

Operating revenue decreased by 8.2 per cent in the second quarter to S$238.0 million as media revenue fell 11.9 per cent to S$168.0 million.

Property revenue improved by 1.3 per cent to S$62.0 million, while revenue from other businesses grew 6.5 per cent to S$8.0 million.

Operating profit fell 22.2 per cent to S$53.0 million, but the group also increased investment income by S$9.5 million, or more than double the year-ago amount, to S$16.7 million mainly due to higher gains on disposal of investments.