SPH’s net profit plummets by 46.4% to $52.7m in 3Q

On back of $28.4m in impairment charges.

Singapore Press Holdings is finding it hard to generate a decent bottomline from its media business, as group operating revenue slid by $15.2 million or 5.0% yoy to $291.6 million.

According to a press release by SPH, structural challenges confronting the media industry and the sluggish economic environment continued to weigh on the performance of the group’s core media business.

Particularly, its media business saw a $15.7 million or 9.2% dip in its advertisement revenue, while its circulation revenue was kept afloat by the positive impact of the newspaper cover price increases.

Meanwhile, its property segment remained the bright spot, as it turned a resilient performance despite the subdued retail environment, with revenue up $1m or 1.6% on back of higher rental services revenue from its retail assets.