SINGAPORE (July 11): Singapore Press Holdings reported 3Q18 earnings increased 64.3% to $47.4 million from $28.9 million in 3Q17 on the back of lower impairment charges.
Total revenue for the quarter was 3.8% lower at $250.1 million from $260.0 million a year ago.
This was mainly due to an 8.0% y-o-y decrease in revenue from the group’s media segment to $167.9 million and a 2.4% y-o-y decrease in its property segment to $60.1 million, but partially offset by a 38.5% increase in its others segment to $22.0 million.
Impairment of goodwill and intangibles dropped 40.9% to $22.3 million from $37.8 million last year.
During the quarter, the group recorded a profit of $2.16 million from its share of results of associates and joint ventures, compared to a loss of $0.56 million in 3Q17.
As at May 31, the group’s cash and cash equivalents stood at $236.3 million.
Ng Yat Chung, CEO of SPH says, “As we continue to sharpen our Media capabilities in the face of digital disruption, we are seeing early signs of a slower decline of our Media revenue.”
“At the same time, we are making efforts to diversify, with new growth thrusts. Our new strategy is to focus on the acquisition of cash-yielding real estate assets overseas. We are also preparing the Aged Care business for overseas expansion,” adds Ng.
Shares in SPH closed 2 cents lower at $2.75 on Wednesday.