SPH’s Q1 profit soars 17.3% to $81.3m

Thanks to tapered operating costs.

Singapore Press Holdings (SPH) has kickstarted 2016 with a Q1 profit of $81.3m. According to the company’s media release, the company’s net attributable earnings reflect a 17.3% surge from 1Q15’s profit.

For the quarter, SPH’s total operating costs dipped 1.2% to 205.7m, on back of the company’s focus on cost discipline and operating efficiency.

The release also noted that SPH’s media business recorded an 8.7% revenue plunge against 1Q15. The drop was due mainly to a 10.6% decline in advertisement revenue as anaemic economic growth and a continuously changing competitive environment weighed on the media business.

Meanwhile, SPH’s property segment continued to register steady growth during the quarter. Its revenue climbed 16% YoY, boosted by contribution from The Seletar Mall.

Revenue from the other businesses also soared by 20.2% against 1Q15, thanks to higher income from exhibitions and online classifieds businesses.

Looking forward, SPH will redouble its efforts to sustain its media business as well as adjacent businesses, and continue to evaluate and pursue growth opportunities to address challenges in the FY16 operating environment, according to CEO Alan Chan.