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Published January 14, 2010 
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SPH Q1 profit almost doubles to $144.7m
Higher earnings lifted by swing in net income from investments
By CHEW XIANG |
That was despite operating revenue for its core newspaper and magazine publishing business falling 2.5 per cent to $243.2 million. The group's total operating revenue rose 4 per cent to about $354 million.
The increase in profitability was helped by a swing in net income from investments - from a net loss of $33.7 million for the previous year's Q1 to a net income of $10.2 million this Q1. Earnings per share for the quarter was nine cents, compared with five cents in the previous Q1.
Recurring profits before tax rose 24.7 per cent to $159.4 million, from $127.8 million the previous year. These profits represent recurring earnings from the media and property businesses, including profits from the group's Sky@eleven development.
SPH's property arm contributed almost $100 million in sales this year, up 22.7 per cent from the previous year.
SPH said advertisement revenue dipped slightly due to fewer classifieds while circulation receipts fell marginally. However, operating revenue 'has shown improvement in recent months', the company said. 'Our advertisement revenue has improved in recent months and is expected to move in tandem with the economy,' said chief executive Alan Chan.
Profits were also boosted by lower costs, primarily due to lower newsprint costs. Staff costs fell 2.2 per cent or $1.7 million due to wage cuts and the government's Jobs Credits grants, while headcount remained flat at 3,945.
SPH announced a partial restoration of pay cuts and Mr Chan said that the company 'will continue to monitor our cost levels closely while at the same time devote resources and explore opportunities to grow beyond print and Singapore'. The directors are pleased with the company's performance in the quarter, he said, and they expect overall performance for FY2010 to be satisfactory.
Profits from the property segment - primarily contributions from the group's Paragon shopping mall and Sky@eleven residential development - are expected to 'contribute significantly to recurring earnings' this financial year, SPH said. Its recent acquisition, a mall in Clementi, is targeted to begin operations in the first half of 2011.
SPH stock closed trading yesterday at $3.66, down 2 cents or half a per cent. SPH owns The Business Times and publishes 16 other newspapers in four languages as well as over 100 magazine titles.
MEDIA group Singapore Press Holdings' net profit for the first quarter to Nov 30, 2009, almost doubled to $144.7 million, from just over $73 million in the same period last year.
Wee'll see from price action later. 
wangweii1122 ( Date: 18-Oct-2009 22:14) Posted:
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January 13, 2010, 5.47 pm (Singapore time)
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SPH reports Q1 profit of $145 mln
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January 13, 2010, 6.35 pm (Singapore time)
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Update: SPH Q1 net profit nearly doubles
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SINGAPORE - Singapore Press Holdings (SPH) said on Wednesday its net profit nearly doubled year on year in the financial first quarter, boosted by investment gains.
The company, which publishes the city-state's leading English language daily Straits Times, said net profit totalled $144.70 million (US$104 million), up 98.2 per cent from $73 million the year before.
SPH, which also has property interests, said it booked an investment income of $10.2 million for the period to November 30, reversing a loss of $33.7 million a year earlier.
Operating revenue totalled $354 million, up 4.0 per cent from the previous year, it said in a filing with the Singapore stock exchange.
'The Singapore economy is expected to grow at a modest pace in 2010. Our advertisement revenue has improved in recent months and is expected to move in tandem with the economy,' said SPH chief executive Alan Chan.
'The directors are pleased with the group's results for the first quarter, and barring unforeseen circumstances, expect overall performance for financial year 2010 to be satisfactory.'
Singapore's economy is expected to grow between 3.0 and 5.0 per cent this year after contracting 2.1 per cent in 2009, having been battered by the global economic crisis. -- AFP
SINGAPORE - Singapore Press Holdings on Wednesday reported first quarter ended November 2009 profit of $144.7 million, almost double that of the same period last year.
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It said group operating revenue was $354.0 million, 4 per cent above that of the corresponding period in 2009. -- BT ONLINE
Business Times - 12 Oct 2009
SPH's FY09 net profit down 3.6% at $422 mln
By ANGELA TAN
Singapore Press Holdings Limited (SPH) on Monday reported that its full year results for the year ended 31 August 2009 slipped 3.6 per cent to about S$422 million.
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The media and property group said in spite of the challenging conditions faced during the financial year, the group delivered a strong set of results with recurring earnings of $497.0 million, which was marginally lower than the $501.7 million reported a year ago.
The group's investment income fell from a gain of $47.7 million last year to a loss of $6.2 million this year, brought about by turmoil in the financial markets.
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Business Times - 12 Oct 2009 SPH plans final dividend of 18 cts/shr By ANGELA TAN Singapore Press Holdings (SPH) on Monday said its directors have proposed a final dividend of 18 cents per share, payable on December 23, 2009. The dividend will comprise a normal dividend of 9 cents per share and a special dividend of another 9 cents per share for the financial year ended 31 August 2009. This compares to a final dividend of 9 cents a share and a special dividend of 10 cents per share paid a year ago. Barring unforeseen circumstances, SPH directors expect performance for the current financial year to be satisfactory. |
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Business Times - 13 Oct 2009 Property boost helps SPH weather tough year Profit slips just 3.6% to $422m; recurring earnings also sturdy at $497m By CHEW XIANG (SINGAPORE) In spite of challenging conditions, media group Singapore Press Holdings yesterday reported a net profit of $421.9 million for the year ended Aug 31, 2009, 3.6 per cent lower than the preceding year's $437.4 million. Revenue held steady at $1.3 billion as a surge in property revenue compensated for a 12 per cent fall in the core newspaper and magazine segment. SPH publishes 17 newspapers, including The Business Times, and more than 100 magazine titles. The company announced a final dividend of 18 cents a share, comprising a normal dividend of 9 cents and a special dividend of 9 cents, to be paid on Dec 23. Total payout for FY2009 is 25 cents, or 6.4 per cent based on yesterday's closing price of $3.88 a share. Earnings per share was 26 cents, compared with 27 cents for the preceding year. SPH chairman Tony Tan said it had been a difficult year with many companies suffering large losses. 'Given the circumstances, SPH did well with FY2009 profits just a shade below that of FY2008,' Dr Tan said.
Operating profit or recurring earnings fell slightly to $497 million, from FY2008's $501.7 million. Net income from investments fell from a gain of $47.7 million the year before to a loss of $6.2 million for FY2009. The core newspaper and magazine division had sales of $892.4 million, down 12 per cent from just over $1 billion the year before, and before-tax profits of $286 million, down from $370.6 million the year before. However, the property segment turned in a robust performance with revenue up 43.2 per cent at $365.6 million. Revenue from its condominium development Sky@eleven and the Paragon shopping mall rose $104.3 million and $5.3 million respectively. The property segment's before-tax profits jumped to $242 million, from the preceding year's $162.8 million. While higher property expenses contributed to slightly raised total operating expenses, the rise was offset by a $46.2 million or 14 per cent drop in staff costs resulting from lower bonus provision, the Jobs Credit grant and wage cuts implemented in April this year. Dr Tan said the company will continue to explore opportunities to expand its property arm. 'SPH has been very encouraged by the success of our present interest in property,' said Dr Tan. 'We've derived considerable experience in the property field now and we're always looking for new avenues to augment our profits. We will look at opportunities again as they arise.' On the outlook for FY2010, SPH CEO Alan Chan said: 'Business outlook remains uncertain although there are signs of a gradual recovery. Our advertisement revenue, which saw some improvements in recent months, is expected to move in tandem with the economy.' SPH will continue to monitor costs. 'Barring unforeseen circumstances, the directors expect performance for the current financial year to be satisfactory,' said Mr Chan. SPH shares closed up six cents at $3.88 yesterday, its highest in 12 months. It is almost 70 per cent up from its March low of $2.32. |
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Business Times - 13 Oct 2009 Kim Eng puts 'buy' call on SPH, target $4.50/share By ANGELA TAN Kim Eng Research on Tuesday reiterated its buy call on Singapore Press Holdings, with a target price of $4.50 a share. On Tuesday, the stock for the media and property group was trading around $3.91, up 3 cents from Monday's close. In its report entitled 'Putting 'lazy' money to work!', the local brokerage said SPH registered good set of results for FY09, beating consensus estimates. SPH's proposed final dividend of 18 cents a share, payable on Dec 23, was also better than expected. Kim Eng also noted SPH had made a bid for a residential site at Serangoon last week, though it was unsuccessful. 'This shows it will not stop at Sky@Eleven and Paragon. Land-banking will be a major catalyst for re-rating,' Kim Eng said. 'Its huge war chest of cash ($1.0b investible fund) gives it the competitive edge,' it added. |
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Business Times - 13 Jul 2009 SPH Q3 profit down 5% By CHEW XIANG Media group Singapore Press Holdings on Monday said net profit for the quarter to May 31 fell 5 per cent to S$126.7 million from S$133.4 million a year ago.
Revenue from its core newspaper and magazine division fell 17.4 per cent to $222 million from $268.9 million a year ago, as print advertisement sales fell 23.3 per cent to $159.5 million, led by the fall in recruitment and display advertisements. However, SPH's property division reported 40 per cent higher sales, or $94.4 million against $67.3 million. SPH said staff costs fell 18.9 per cent as a result of pay cuts instituted in April and a decrease in bonuses, as well as a $3.4 million grant under the government's Jobs Credit scheme. SPH stock fell 4 cents to S$3.21 on Monday, on volume of just over 2 million units. |
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