Singapore Press Holdings (SPH) says it posted a 4.7% drop in net profit to $97.5 million for the first quarter ended November 30, 2011 compared to the same period a year ago, reported The Business Times.
Revenue for the group’s newspaper and magazine business fell 1.2 % to $262 million over the year.
Print advertising revenue dipped 1.2 % to $204 million, while circulation revenue inched down 1.8 % to $50.3 million.
Rental income for group was up 27.2 % to $46.9 million, with Clementi Mall recording rental income of $9 million in the quarter.
Newsprint costs rose 4.2 %, while staff costs were up 1.5 %.
Other operating expenses grew 16.1 % due to the start of Clementi Mall’s operations, and higher overheads from increased business activities and inflationary pressures.
“The outlook for the global economy remains fraught with uncertainties,” said Alan Chan, chief executive officer of SPH. “The group will strive for a sustained performance in the core newspaper business whilst pursing growth in business adjacencies.”
Shares of SPH closed three cents higher at $3.70 each.
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