Its media segment's revenue fell 6.8% to $162.1m.
Singapore Press Holdings (SPH) saw its profits slip 6.3% YoY to $57.9m in Q1 FY2019 amidst the decline in contribution from investments as the firm’s treasury and investment portfolio was partially divested by August 2018, an announcement revealed.
The firm also revealed that its operating profit for its media business jumped 14.7% caused by the absence of retrenchment costs recognised in the same period in FY 2018. Despite this, revenue for the media segment in Q1 dipped 6.8% to $162.1m.
SPH explained that the the rate of decline in print ad revenue was the slowest seen in four quarters whilst digital ad revenue enjoyed double-digit growth of 12.9%.
Meanwhile, the firm’s property segment revenue inched up 11.1% to $68m whilst operating profit in the said segment advanced 5.2% fueled by a contribution of $3.2m from the UK student accommodation portfolio which was acquired in September 2018.
“The print side of the media business continues to experience headwinds, even as we grew revenue from the digital side of the business,” SPH CEO Ng Yat Chung said. “We made progress in growing recurring income from the property segment with initial contribution this quarter from our UK student housing assets and we look forward to more contribution."
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