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SPH reports Full Year Net Profit of $506 million

SINGAPORE, 12 October 2007 – Singapore Press Holdings Limited (SPH) today reported its full year results for year ended 31 August 2007. Net profit was up 18.1% to $506.2 million compared to previous year´s $428.5 million which included an exceptional gain of $66.8 million. Operating profit* rose by 20.2% to $434.2 million. This included the maiden profit of $47.8 million from sale of the Sky@eleven condominium recognised on a percentage-of-completion basis.

The Group´s operating revenue climbed 13.6% to $1.16 billion. Newspaper and Magazine operations increased 5.8% to $959.4 million on the back of a strong 7.2% growth in print advertisement revenue to $725.1 million. Revenue from Property operations surged 80.2% to $177.8 million with the inclusion of $71.3 million from Sky@eleven and an increase of $7.8 million from Paragon´s rental income growth.

Total operating expenses increased by 10.1% to $738.3 million. Property development costs of Sky@eleven accounted for $23.5 million while staff costs were higher by 12.5% or $33.6 million as a result of variable bonus provision, increased headcount and annual salary increment. Variable bonus provision was in line with the Group´s higher operating profits and the Group´s new performance-based incentive scheme. Total headcount in August 2007 was 3,735 compared to 3,585 a year ago because of the acquisition of new subsidiaries and staffing for new media businesses.

Group investment income was up 79.0% to $146.2 million. This comprised mainly net profit on sale of investments and profits from capital reduction exercises by Starhub Limited and MobileOne Limited.

Commenting on the outlook for FY 2008, Mr Alan Chan, Chief Executive Officer of SPH said: “Outlook for the Group´s print advertisement revenue is positive given the generally healthy economic environment. Property segment will be boosted by profits recognised for Sky@eleven over the life of the project. The Group remains committed to sustaining the core newspaper business´ margin and will continue to invest in new media platforms as part of its growth strategy. Barring unforeseen circumstances, the Directors expect the recurring earnings for the current financial year to be satisfactory.”

The Directors of SPH have proposed a Final Dividend of 19 cents per share, comprising a Normal Dividend of 9 cents per share and a Special Dividend of 10 cents per share in respect of the financial year ended 31 August 2007. These dividends are on tax-exempt (one-tier) basis and will be paid on 27 December 2007. Together with the Interim Dividend paid during the year, total Dividend payout for FY 2007 will be 26 cents.

* Refers to recurring earnings or profit before investment income and exceptional items

Please see attached announcement and fact sheets for the SPH Full Year Results




 

The results briefing presentation slides.


 

1,558KB SPH FY2007 Results Briefing Part 3
please click here.

Issued by Singapore Press Holdings Limited
Co. Regn. No: 198402868E

For more information, please contact:
Chin Soo Fang
Head
Corporate Communications Division
Singapore Press Holdings
Tel: 6319 1216
Fax: 6319 8150
E-mail: soofang@sph.com.sg

About Singapore Press Holdings Ltd

Newspapers and Magazines
Main board-listed Singapore Press Holdings Ltd (SPH) is the leading media company in Singapore, delivering news and information through print, Internet and broadcasting platforms. In Singapore, it publishes 14 newspapers in four languages. Every day, 2.7 million individuals or 83 percent of people above 15 years old, read one of SPH’s news publications. SPH also publishes over 90 magazine titles in Singapore and the region, covering a broad range of interests from lifestyle to information technology.

Internet and Mobile
Beyond print, the Internet editions of SPH newspapers enjoy over 110 million pageviews with 7 million unique visitors every month. Apart from SPH AsiaOne portal, SPH’s online and new media initiatives include a revolutionary mobile advertising and information service, ZapCode; online marketplace for products, services and employment, ST701; and STOMP (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Web and via mobile phone messaging.

Broadcasting
SPH has a 20 percent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40 percent stake in MediaCorp Press Pte Ltd, which publishes the free newspaper, Today. In the radio business, SPH has a 80 percent stake in SPH UnionWorks Pte Ltd, which operates entertainment stations Radio 100.3 FM in Mandarin and Radio 91.3 FM in English.

Outdoor Advertising
In addition, SPH has ventured into outdoor advertising through its wholly-owned subsidiary, SPH MediaBoxOffice Pte Ltd, Singapore´s largest outdoor motion display advertising network media company, and a 35 percent stake in TOM Outdoor Media Group, a leading outdoor advertising company in China.

Properties
SPH owns and manages Paragon, the prime retail and office complex in the heart of Orchard Road, Singapore’s main shopping belt. SPH’s wholly-owned subsidiary, Times Development Pte Ltd, is also developing a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road.