Singapore Press Holdings Ltd. on Monday reported a 6.3 percent drop in second-quarter net profit after a further decline in investment income.
Net profit for the three months ended February 29 was S$99.6 million (US$73.3 million) compared with a restated S$106.3 million a year earlier, the company said. Group investment income of S$5.1 million was 83.7 percent lower than the S$31.6 million recorded in the second quarter of 2007, mainly due to higher profit on sale of investments last year, it said.
"In addition, this year's fair valuation of investments was impacted by the continued volatility in global financial markets," SPH added.
The comparative financial statements from last year were restated to include a different way of accounting for leased-out properties, it said.
Profit before investment income jumped 36.0 percent to S$111.8 million from S$82.2 million a year ago, boosted by a "sterling performance" from core newspaper and magazine operations as well as the contribution from the "Skyeleven" condominium development, SPH said.
Newspaper and magazine revenue rose 8.4 percent to S$236.4 million while property revenue jumped 99.4 percent to S$54.3 million, it said.
The 14 Singapore newspapers published by the firm in four languages include the English-language The Straits Times.
SPH owns and manages Paragon, a retail and office complex in the prime Orchard Road area.
Alan Chan, the company's chief executive officer, reiterated comments made last quarter that advertisement revenue will continue to be driven by the Singapore economy which is expected to grow at a more moderate pace this year.
"In view of rising business costs amid the current inflationary climate, efforts will be focused on sustaining operating profit margins," he said. - AFP/ac
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