Straits Times reported today (16 Oct) that its parent Singapore Press Holdings has reported a 19.7 per cent fall in net profit for the year.
Net profit fell $69 million to $281.1 million for the 12 months to Aug 31, it said. But it added that this was due to huge one-off gains in the last financial year. If one-offs were excluded, net profit improved 2.4 per cent, it said.
SPH said it will continue investing in digital media business, as well as growing its aged care operations locally and overseas.
Group operating profit held firm at $206.3 million, despite declines in operating revenue, cushioned by cost savings. Full-year operating revenue was down $50 million or 4.8 per cent to $982.6 million.
Media revenue fell $69.6 million or 9.6 per cent in 2018. Property segment remains the largest contributor to SPH's earnings, with an operating profit of $151.8 million.
Revenue from other businesses rose 34 per cent to $84.4 million, led by contributions from the aged care division.
SPH CEO LG (NS) Ng Yat Chung said, "Print continues to experience headwinds, but we are seeing encouraging results from our efforts to digitise the core media business."
"We are making good progress in growing our property, digital portfolio and aged care businesses, including our recently acquired assets in the purpose-built student accommodation sector."
Last month, SPH made its first investment in purpose-built student accommodation, with a $321 million acquisition in Britain.