It caused revenues to decline 7.1% to $516m.
Singapore Press Holdings (SPH) suffered yet another blow from the weak demand for ads.
According to DBS Group Research, SPH's media segment saw its yields decline 12% YoY to $168m. This has led to a 7.1% slump in revenues to $516m. Its bottom line for the past quarter sat at $119.7m, 22.7% down from last year.
Meanwhile, the research firm said SPH has already undertaken initiatives to grow its digital circulation base by increasing the number of paying subscribers on pure digital plans, and conversion of those under print plans to an all-in-one plan.
"It is partnering with the various telcos to include its digital content on their virtual newsstands and bundling its digital, radio content with telco plans to help subscribers access its content online. Other key adspend sources are banks, autos, telcos, and supermarkets. SPH had also won the tender for two new radio stations in March," DBS Group Research explained.
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