SPH reports a Second Quarter
Net Profit of $97.6 million.
SINGAPORE, 11 April 2005 – Mainboard-listed Singapore
Press Holdings Limited (SPH) today reported results for its second
quarter ended 28 February 2005. The Group registered a 9.3% rise
in net profit to $97.6 million, compared to $89.3 million in the
same quarter of the previous financial year.
Group turnover increased 3.0% to $234.9 million, boosted by revenue
from the Group’s core Newspaper and Magazine operations which
rose 5.6% to $203.3 million, and Property segment which saw revenues
increase 7.0% to $22.4 million. This was partially offset by lower
revenue from Broadcasting and Multimedia segment which fell 37.3%
to $9.2 million as a result of the cessation of broadcasting operations
on 1 January 2005.
Profit from Group operations for the quarter increased 12.1% to
$89.9 million. Total operating expenses fell 2.5% to $147.0 million,
partly attributable to cost savings with the cessation of broadcasting
operations. Staff costs were also lower because last year included
an adjustment for an underprovision of staff variable bonus provision
in the first quarter, partly offset by higher headcount this year
following the acquisition of
Blu Inc media and publishing business and expansion of the Group’s
existing magazine business. Overall, the Group’s headcount
fell to 3,461 at end February 2005 from 3,539 a year ago. Newsprint
cost however increased 12.0% as a result of higher prices.
With a shorter period of transmission and together with release
of accrued operating costs no longer required upon the cessation
of broadcasting operations, SPH MediaWorks Ltd (“MediaWorks”),
SPH’s broadcasting arm, turned in an operating profit of $1.7
million this quarter. MediaWorks has since been placed under liquidation
on 4 February 2005. Included in this quarter’s results was
an exceptional loss of $13.2 million which pertained largely to
charges associated with the merger of the Group’s free-to-air
television broadcasting and free newspaper operations.
Group investment income for the quarter almost doubled from a year
ago to $45.3 million, attributable largely to higher profits on
sale of investments and income arising from capital reduction of
an investee company.
For the half-year ended 28 February 2005, the Group registered
a net profit of $319.2 million, compared to $173.0 million last
year as this year included the $128.5 million gain on sale of a
substantial portion of the Group’s stake in Starhub Ltd. Group
turnover increased 6.8% to $500.3 million. Commenting on the outlook
for the rest of the financial year, Mr Alan Chan, Chief Executive
Officer of SPH said: “The outlook for the
Group’s newspaper advertising revenue is expected to be in
line with economic growth for the year 2005. There are signs of
improving sentiment in several business sectors. Generally, consumer
and business sentiments in Singapore will continue to be influenced
by global economic factors such as high oil prices. Overall, the
Directors expect the operating performance of the Group for the
current financial year to be satisfactory.”
The directors of SPH have declared an interim net dividend of 7
cents per share (or gross dividend of 8.75 cents per share), comprising
3 cents normal and 4 cents special which will be paid on 10 May
2005.
Click on these attachments to read announcement and fact sheets
of financial results.
(See attached file: .pdf)(See attached file:
)(See attached file: SPH 2Q_1HFY2005 Results.pdf)
Issued by Singapore Press Holdings Limited
Co. Regn. No: 198402868E
For more information, please contact:
Ms Irene Ngoo
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
media company in Singapore, in the print, Internet and broadcasting
platforms. It publishes 13 newspapers in the four official languages
and more than 70 magazine titles. Everyday, 2.78 million individuals,
or 90 per cent of people above 15 years old, read one of the SPH
publications. Its Internet Business Unit manages the online editions
of SPH's major newspapers and magazines, which together enjoy over
250 million pageviews a month. SPH also owns a 20% stake in MediaCorp
TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U
and TV Mobile, and a 40% stake in MediaCorp Press Pte Ltd, which
publishes free newspaper Today. 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.
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