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SPH media biz revenue continues to be impacted by 'disruption to industry'

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Singapore Press Holdings’ media business continued to be impacted by the disruption to the industry as revenue declined $28 million or 13.9% to SG$173.9 million. Against 1Q 2017, advertisement revenue fell $24.2 million or 16.7%, while circulation revenue dipped $3.1 million or 7.3%.However, the company reported that net profit attributable to shareholders was SG$60.4 million, SG$14.7 million or 32.1% higher compared to the same period last year (1Q 2017). Group recurring earnings of SG$67.9 million was SG$2.9 million or 4.1% lower than 1Q 2017. Operating revenue of SG$258.8 million was SG$19.5 million or 7% lower than 1Q 2017, with the fall in revenue cushioned by cost reductions of SG$11.7 million or 5.5% against the comparison period. In addition, there was a gain of SG$5.9 million from   dilution of interest on an associate’s IPO listing.The results for the quarter were boosted by investment income of SG$12.4 million comprising mainly gains on divestment. The Property segment delivered steady results. Revenue rose SG$0.7 million or 1.2% to SG$61.2 million on the back of higher rental income from the retail assets of the Group.Revenue from the Group’s other businesses grew SG$7.7 million or 48.2% to SG$23.6 million with contributions from the aged care business.Ng Yat Chung, chief executive officer of SPH, said: “We will roll out new products to deal with the disruption in the core media business.  At the same time, we will continue to pursue other growth opportunities to diversify revenue streams.”

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