SPH profits up 32.1% to $60.4m in Q1

Thanks to an almost 50% revenue jump in aged care business.

Singapore Press Holdings' (SPH) profits rose 32.1% YoY from $45.73m to $60.4m in the first quarter of 2018.

According to their financial statement, revenue for the media business declined 13.9% YoY to $173.9m as advertisement and circulation revenue fell by $24.2m and $3.1m, respectively.

Meanwhile, revenue for the property segment slightly rose by 1.2% YoY to $61.2m thanks to higher rental income from retail assets. Contributions from SPH's aged care business also jumped 48.2% YoY to $23.6m.

Investment income of $12.4m comprised mainly of gains on disposal of investments and dividend income.

SPH gained $5.9m from the dilution of interest on an associate’s IPO listing and raised other operating income by $5m.

"The group will roll out new products to deal with the disruption in the core media business, and continue to pursue other growth opportunities to diversify revenue streams," SPH said.