SPH's net profit up 9.6% to $98.2m in Q3

Its property segment drove growth.

Singapore Press Holdings (SPH) reported that its net profit grew 9.6% year-on-year to $98.2m in the third quarter.

The growth was driven by higher revenue from its property segment, which offset revenue declines in its media segment.

Property revenue grew 16.5% to $59.4m on back of contribution from The Seletar Mall and higher rental income from Paragon and The Clementi Mall.

However, media revenue dipped 5.6% due to lower advertisement revenue.

“Whilst the Group has achieved improved performance for the quarter, the road ahead remains challenging given the muted economic outlook, a sluggish advertising market and a media industry confronted with structural challenges," said Alan Chan, Chief Executive Officer of SPH,