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Oct 12, 2009
SPH posts $422m profit
DESPITE the challenging conditions due to the financial downturn, media giant Singapore Press Holdings on Monday reported a net profit of $421.9 million for the financial year ended Aug 31.
After accounting for taxation, net profit declined 3.6 per cent from last year's $437.4 million.
The Group delivered a strong set of results with recurring earnings of $497 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.
Group operating revenue at $1,301.4 million remained comparable to that achieved in the previous year. The Newspaper and Magazine segment, whose performance is closely linked to the economy, saw its revenue decline by 12 per cent to $892.4 million. Print advertisement revenue fell 16.9 per cent to $648.3 million.
The Group's Property segment turned in a robust performance, with revenue from Sky@eleven and Paragon increasing by $104.3 million and $5.3 million respectively. Operating revenue from the Group's other businesses rose by $12.0 million, with the increase coming from the growth in the Group's internet business as well as new subsidiaries providing events management and investor relations services.
On the outlook for FY2010, Mr Alan Chan, Chief Executive Officer of SPH, 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. Barring unforeseen circumstances, the Directors expect performance for the current financial year to be satisfactory.'
The Directors of SPH have proposed a Final Dividend of 18 cents per share, comprising a Normal Dividend of 9 cents per share and a Special Dividend of 9 cents per share. These dividends will be paid on Dec 23. Together with the Interim Dividend paid during the year, total dividend payout for FY 2009 will be 25 cents.
SPH posts $422m profit
DESPITE the challenging conditions due to the financial downturn, media giant Singapore Press Holdings on Monday reported a net profit of $421.9 million for the financial year ended Aug 31.
After accounting for taxation, net profit declined 3.6 per cent from last year's $437.4 million.
The Group delivered a strong set of results with recurring earnings of $497 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.
Group operating revenue at $1,301.4 million remained comparable to that achieved in the previous year. The Newspaper and Magazine segment, whose performance is closely linked to the economy, saw its revenue decline by 12 per cent to $892.4 million. Print advertisement revenue fell 16.9 per cent to $648.3 million.
The Group's Property segment turned in a robust performance, with revenue from Sky@eleven and Paragon increasing by $104.3 million and $5.3 million respectively. Operating revenue from the Group's other businesses rose by $12.0 million, with the increase coming from the growth in the Group's internet business as well as new subsidiaries providing events management and investor relations services.
On the outlook for FY2010, Mr Alan Chan, Chief Executive Officer of SPH, 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. Barring unforeseen circumstances, the Directors expect performance for the current financial year to be satisfactory.'
The Directors of SPH have proposed a Final Dividend of 18 cents per share, comprising a Normal Dividend of 9 cents per share and a Special Dividend of 9 cents per share. These dividends will be paid on Dec 23. Together with the Interim Dividend paid during the year, total dividend payout for FY 2009 will be 25 cents.
