Singapore Press Holdings (SPRM.SI), which has a near monopoly of newspaper publishing in the city-state, posted on Tuesday a 30% drop in third quarter net profit in the absence of earnings from property development.
SPH, which has diversified into real estate in recent years to lessen its dependence on publishing, earned $114.8 million in the three months ended May, down from $164.6 million a year ago.
SPH, which has diversified into real estate in recent years to lessen its dependence on publishing, earned $114.8 million in the three months ended May, down from $164.6 million a year ago.
The decline was due to the lack of contributions from residential development that caused operating revenue from property to plunge 68%.
SPH reported a 1.1% fall in revenue from its newspaper and magazine businesses to $263 million, while rental income from its malls rose 23% to $43.2 million.
Looking ahead, SPH CEO Alan Chan said near-term prospects remained positive.
Print advertisement revenue is expected to rise with growth in the domestic economy, while its new Clementi Mall in western Singapore looks set to enjoy good traffic from surrounding residential areas and nearby tertiary institutions.
“We will continue to invest in new media and explore business adjacencies for growth,” he said.
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