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.
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