SINGAPORE (Apr 10): Singapore Press Holdings reported a 24.9% fall in 2Q18 earnings to $40.2 million from $53.5 million a year ago.

Operating revenue fell 1.8% to $233.7 million in 2Q18. Revenue for the media business fell 7.4% to $155.6 million compared to a 13.9% y-o-y fall reported in 1Q18. Revenue from its property business fell 2.4% to $60.5 million.

For the 1H18, earnings came in 1.4% higher at $100.6 million. Group operating revenue of $492.5 million in 1H18 was 4.6% lower compared to a year ago. Revenue for the media business decreased by 10.9% to $329.5 million. Revenue for the property segment came in stable at $121.7 million.

Revenue from the other businesses grew $17.3 million or 72.4% to $41.3 million, led by contributions from the aged care business.

As at end February, cash and cash equivalents stood at $228.6 million.

SPH says the group has released all-digital subscription plans at different price points, accelerating its “First to Digital” initiatives to pursue digital revenue more aggressively.

In its property segment, SPH looks forward to the launch of The Woodleigh Residences and The Woodleigh Mall in March.

The group’s aged care operations Orange Valley opened its sixth nursing home at Balestier in January. With more than 1,000 beds in Singapore, Orange Valley is the largest local private nursing home operator

The board has recommended an interim dividend of 6 cents per share for 1H18, unchanged from a year ago.

Shares of SPH closed 1 cent lower at $2.49 on Tuesday.