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SPH reports
Second Quarter Net Profit of $89.3 million.
Improvement in performance of core newspaper operation
SINGAPORE, 6 April 2004 – Mainboard-listed Singapore Press
Holdings Limited (SPH) today reported results for its second quarter
ended 29 February 2004. The Group registered a net profit of $89.3
million for the quarter, compared to $190.7 million (including $134.0
million exceptional items) in the same quarter of the previous financial
year.
Group turnover increased 6.3% to $228.1 million. Revenue from the
Group’s core Newspaper and Magazine operations increased 3.6%
to $192.4 million, while its Property segment saw revenues increase
54.1% to $21.0 million. However, revenue from Broadcasting and Multimedia
segment fell 4.3% to $14.7 million.
Mr Alan Chan, Chief Executive Officer of SPH, said: “There are
signs of improvement in the performance of our core Newspaper and
Magazine operations but the performance of our Broadcasting and Multimedia
segment remained soft. Overall performance of the Group was also boosted
by additional rental income generated by the new Paragon extension,
which commenced operations on 1 September 2003.”
Profit from overall operations increased 12.0% to $80.2 million. Operating
expenses increased 3.7% to $150.7 million. Newsprint cost for the
quarter increased 6.4% as a result of higher newsprint prices, while
staff costs were 7.4% higher attributable to higher staff variable
bonus provision, which included an adjustment for an underprovision
in the first quarter. The Group’s headcount fell to 3,539 at
the end February 2004 from 3,725 a year ago.
With continued focus on costs control, operating losses of SPH MediaWorks
Ltd, SPH’s broadcasting arm, narrowed to $6.4 million from the
$10.3 million registered in the previous financial year’s second
quarter.
With the improvement in financial markets globally, investment income
for the quarter surged to $23.3 million, from $2.9 million last year.
No exceptional item was recorded for the quarter. In the second quarter
last financial year, the Group recognised an exceptional gain of $187.7
million from the partial sale of its stake in MobileOne Ltd but it
took an exceptional provision of $50 million as a result of deterioration
in the valuation of Paragon.
For the half-year ended 29 February 2004, the Group registered a net
profit of $173.0 million, compared to $273.5 million last year which
included an exceptional gain of $135.8 million. Group turnover increased
2.3% to $468.4 million. Commenting on the outlook for the rest of
the financial year, Mr Chan said: “The upturn in the Group’s
newspaper advertising revenue is expected to continue but the extent
will depend on the growth momentum in domestic demand. Barring any
unforeseen circumstances, the Directors are optimistic about the operating
performance of the Group for the current financial year.”
The directors of SPH have declared an interim gross dividend of 20
cents per share which will be paid on 5 May 2004. As part of its ongoing
efforts to enhance shareholder value and improve accessibility for
retail investors, the directors have further announced plans for a
$1 billion capital reduction and 5-for-1 share split. Please refer
to the separate press release and announcement for details.
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Unaudited Results For The Period Ended
February 29, 2004
please click
here. |
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1st Half FY 2004 (Fact Sheet 1)
Please click
here. |
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1st Half FY 2004 (Fact Sheet 2)
Please click
here. |
Issued by Singapore Press Holdings Limited
For more information, please contact:
Ms Irene Ngoo
Assistant Vice President
Corporate Relations
Singapore Press Holdings
Tel: 6319 1216
Fax: 6319 8150
E-mail: ingoo@sph.com.sg
About SPH
Main board listed Singapore Press Holdings Limited is the leading
news and information provider, offering quality content for print,
Internet, TV and radio. It publishes 14 newspapers in the four official
languages and six lifestyle periodicals. Everyday, 2.78 million individuals,
or 90 per cent of people above 15 years old, read one of the SPH publications
while the online editions of its six main dailies enjoy some 120 million
pageviews a month. SPH has ventured into the broadcast medium and
operates two popular free-to-air TV channels, Channel U in Chinese
and Channel i in English. It also operates two entertainment radio
channels, UFM 100.3 FM in Chinese and WKRZ 91.3 FM in English, under
a joint venture company UnionWorks with NTUC Media.
For more information about SPH, please log on to www.sph.com.sg
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