SPH’s net profit tumbles 22.3% to $54.1m in Q2

Ad revenue continued to dip.

Singapore Press Holdings reported that its second-quarter net profit fell 22.3% year-on-year to $54.1 million, on back of lower advertising revenue and the lack of one-off items from a year ago.

The group’s investment income for the quarter dropped 62.4% year-on-year to $7.2 million. Meanwhile, SPH’s key media business suffered a 6.0% drop in revenue to $190.6 million, on back of a 6.5% dip in advertising revenue.

Meanwhile, the group’s revenue for its property segment inched up $0.5 million or 0.9% year-on-year. The growth was on the back of higher rental and services revenue from its retail assets.

"The quarter under review was marked by a very difficult operating environment. The road ahead is expected to remain challenging, given the uncertain economic outlook and fast evolving media landscape,” said Alan Chan, Chief Executive Officer of SPH.