Singapore Press Holding has reported a net profit attributable to shareholders of S$404.3 million for the full year, down 6.2 per cent from last year.
The publisher’s operating revenue fell 2 per cent from 2013 to S$1.22 billion for the year, with newspaper and magazine revenue falling S$59.5 million. These losses were partially offset by growth in the company’s other businesses of S$28.4 million, boosted primarily from exhibitions, online classified and radio business.
The company, which is a member of The Newspaper Works, has made a concerted diversification effort in the wake of declining print revenues. It notably raised S$554 in the initial public offering of its real estate business SPH REIT in June last year, and has seen growth in this sector.
Over this financial year, the group has a 3.5 per cent rise in property revenue, after higher rental income from Paragon, the real estate and office complex, and The Clementi Mall, a shopping complex.
SPH’s overall expenditure also fell for the year by S$6.3 million on last year to S$882.1 million, after it implemented several cost saving initiatives during the year.
SPH chief executive Alan Chan said the past financial year marked a milestone period for the group.
“Having completed the organisational review during the year, the group has undertaken a journey of transformation to counteract the challenges presented by a rapidly evolving media landscape,” he said.
“We have gained traction in our quest and will be intensifying efforts to reinvigorate the core media business.
“We will also continue to pursue opportunities that position the group for sustainable growth and value creation. On this note, we look forward to the opening of The Seletar Mall by the end of the year.”
Directors of SPH have proposed a final dividend of 14 cents per share, which comprises a normal dividend of 8 cents per share and a special dividend of 6 cents per share.
For more news from The Newspaper Works, click here.