SPH FY15 Net Profit Slips 20.4%

Singapore Press Holdings (SPH) has announced a FY15 net profit of $321.7 million, a slip of 20.4 percent from the FY14 net profit of $404.3 million, on the back a dip in revenue.

Revenue saw a dip of 3.1 percent to $1.2 billion due to weaker performance from the Media business as advertisement and circulation revenue fell $53.7 million (7.4 percent) and $10.1 million (5.4 percent) respectively. This was partially offset by the Property segment which grew by 12.6 percent to $230.8 million, boosted by contribution from The Seletar Mall which commenced business in November 2014.

An increase in operating income of $11.7 million (73.9 percent) arose mainly from corporate events, write-back of contingent consideration for acquired businesses and gain on dilution of interest in an associate.

However, the absence of a gain of $52.9 million that was recognised in FY14 related to partial divestment of stake in the regional online classifieds business pulled the group’s profitability down.

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