Where have the ads in SPH gone?
Print ad revenue fell by more than $3m, and blame goes to the property and vehicle sectors.
DMG & Partners Research noted:
| 3QFY11 print ad revenue declined by 2% YoY due to lower classified ads, in particular for the property and vehicles sectors. We believe that the lower ad placements for property was affected by the government’s recent property cooling measures dampening the property market, while the relatively high COE prices were likely to have affected the ad demand for vehicles. Going forward management still expects print ad revenue to continue to track domestic economic performance. 3QFY11 staff costs had fallen 8% YoY mainly due to lower variable bonus provisions (in line with the poorer performance from print ad revenue). |
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