Singapore Press Holdings (SPH) reported a 52.2% decrease in net profit for the third quarter ended March from a year ago, due to the the absence of a one-off fair value gain registered a year ago.
Net profit stood at $89.6 million, down from $188 million posted the same period a year ago. Revenue slipped 4.7% from a year ago to $310 million.
Last year's results were boosted by a one-off fair value gain on investment properties of $111 million, SPH said. That arose from a change in recognition from cost to fair value basis.
SPH's operating profit - which it says reflects the recurring earnings of the media and property business - was up 7.5% to $98.4 million.
"In response to the rapid changes in the media industry and structural shifts in consumer behaviour, the group has embarked on a journey of restructuring and transformation," said SPH CEO Alan Chan in a press statement.
"To date, we have made progress and the group will continue to intensify its efforts to address the evolving media landscape whilst pursuing growth opportunities."
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