Singapore Press Holdings (SPH) (SPRM.SI) said on Wednesday second quarter net profit fell 33.5% from a year ago, mainly due to an absence of earnings from property development.
SPH, which has a near-monopoly on newspaper publishing in Singapore, earned $75.4 million in the three months ended Feb 28, 2011, down from $113.3 million a year earlier.
SPH, which has a near-monopoly on newspaper publishing in Singapore, earned $75.4 million in the three months ended Feb 28, 2011, down from $113.3 million a year earlier.
The company had booked $36.9 million in profit from its Sky@eleven condominium project in the fiscal second quarter of last year.
SPH said operating revenue from its newspaper and magazine business rose 5.2% to $234.3 million during the quarter, while rental income from its Paragon shopping mall increased 12.9%.
Looking ahead, SPH said it expected recurring earnings for the current financial year to be satisfactory, helped by contributions from its recently opened Clementi Mall.
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