14 Jan '11, 4pm

SPH's Q1 profit drops 29%

SINGAPORE : Media company Singapore Press Holdings (SPH) posted a 29 per cent drop in its first quarter net profit because of a sharp fall in operating revenue from its property business. SPH said it made a net profit of S$102.3 million for the first quarter ended November 30 last year, down from S$144.7 million in the same quarter of the previous financial year. Operating revenue fell by 10 per cent to S$318.7 million as the revenue from its property business plunged 63 per cent to S$36.8 million. The company said lower earnings were due to the cessation of profits from Sky @ Eleven, an SPH-owned residential property, which received its temporary occupancy permit in June last year. As a result, the company's recurring earnings fell 27 per cent to S$116.3 million, a drop of S$43 million from the corresponding quarter. SPH's newspaper and magazine segments raked in S$265.5 ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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Media group Singapore Press Holdings has posted...

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