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SPH reports Third Quarter Net Profit of $160 million

SINGAPORE, 11 July 2007 – Singapore Press Holdings Limited (SPH) today reported its results for the third quarter ended 31 May 2007. The Group registered a 15.2% increase in operating profit* of $14.3 million to $108.8 million. Profit before exceptional items was up 48.3% to $186.1 million. Net profit was $159.8 million compared to previous year´s $174.6 million which included an exceptional gain of $69.1 million.

The Group´s operating revenue rose 8.4% to $288.1 million. Newspaper and Magazine operations increased 7.8% to $255.7 million on the back of strong growth in print advertisement revenue which saw a surge of 10.4% to $195.6 million. Property operations posted a 6.6% revenue increase to $26.0 million.

Total operating expenses increased by 5.0% to $182.2 million. This was due mainly to staff costs which were 12.0% higher 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 May 2007 was 3,684 compared to 3,583 a year ago because of the acquisition of new subsidiaries and staffing for new media businesses.

Group investment income was up 139.1% to $75.3 million. This comprised mainly net profit on sale of investments and profit from a capital reduction exercise by MobileOne Limited.

For the nine months ended 31 May 2007, the Group registered a 6.9% increase in operating profit* of $19.5 million to $300.1 million. Profit before exceptional items was up 25.3% to $440.1 million. Net profit was $380.1 million compared to previous year´s $357.6 million which included an exceptional gain of $69.1 million.

Commenting on the outlook for the rest of the financial year, Mr Alan Chan, Chief Executive Officer of SPH said: “Print advertising looks promising as the economy is doing well. Paragon is generating healthy rental yields amidst strong sentiments in the property market. The Group is strengthening its presence on various new media platforms and extending its reach beyond the core newspaper business. Barring unforeseen circumstances, the Directors expect the Group to perform better than last financial year.”

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

Pls see attached announcement and fact sheets.

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

For more information, please contact:

Chin Soo Fang
Corporate Communications Division
Singapore Press Holdings
Tel: 6319 1216
Fax: 6319 8150

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 100 million pageviews with 6 million unique visitors every month. Apart from SPH AsiaOne portal, SPH’s other online and new media initiatives include a revolutionary mobile advertising and information service, ZapCode; recruitment and job search service, 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.

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 in Mandarin and Radio 91.3 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.

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.