SPH reveals media business loss in Q1 FY2021 report
Its purpose-built student accommodation and aged care businesses remained stable.
Local media and property group Singapore Press Holdings (SPH) has revealed that its print advertisement revenue fell 36% YoY whilst its digital advertisement revenue dropped 8.1% YoY, cushioned by the group’s 45.6% YoY growth in digital circulation revenue.
The statistics were announced in the group’s Q1 FY2021 business update.
As print advertising remained a vital channel for a core group of advertisers to “engage their audience”, SPH would resume providing solutions to meet its advertisers’ needs, it affirmed.
Meanwhile, the overall year-to-date circulation spiked 1.8% YoY, as digital circulation grew 25%.
On the other hand, the group’s purpose-built student accommodation (PBSA) as well as aged care arms proved to be resilient, with the PBSA business achieving 88% of target revenue for the academic year 2020–2021 and overall bed occupancy rate at Orange Valley aged care assets at 81%.