Publishing and property firm Singapore Press Holdings posted on Friday a 11.6% rise in second- quarter net profit, helped by higher rental income.
SPH, which has a near monopoly of newspaper publishing in Singapore, said its net profit rose to $84.1 million from $75.4 million a year ago. Its operating revenue grew 3.7% to $298.5 million.
Rental income for SPH surged 21.6% to $48 million in the second quarter compared with a year ago, helped by higher rents from Clementi Mall, which was not fully operational last year, SPH said.
“Amidst the uncertain economic outlook, the group will continue to seek business opportunities for future growth while striving to sustain its core newspaper business,” said Alan Chan, chief executive officer of SPH.
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