Singapore Press Holdings has seen a 14.4 per cent drop in earnings, but posted a profit of almost SG$70 million in its earnings report for the second quarter of the 2015 financial year – lifted by its property division.
The $69.6 million profit is down $11.7 million on the corresponding period last year, but the media company says last year’s results were lifted by a one-off $52.9 million gain from divesting part of SPH’s stake in its regional online classifieds business.
The company’s media arm “was weighed down by the muted economic environment and continued softening of the advertising market,” SPH said in a statement.
Media revenue fell by $15.5 million year-on-year, which is a decline of 7.1 per cent. Advertisement and circulation revenue is down $12.9 million and $3.5 million, respectively.
The company says that decline is tempered by strong performance from the property division, which saw a 17.2 per cent increase in revenue to bring in $60.6 million.
“The year ahead is fraught with challenges from an uncertain economic environment,” SPH chief executive Alan Chan said in the statement.
“Amidst the challenging times, the group will continue to intensify its efforts to sustain and strengthen the media business by building upon our core competencies in the print and digital space,” Mr Chan said.