SINGAPORE Press Holdings (SPH) reported a 9.3 per cent fall in net profit to S$77.6 million for the half-year ended Feb 29, 2020 as newspaper print advertisement revenue took a hit. Read more at The Business Times.
But results were lifted by the property segment, which recorded a 26.2 per cent rise in revenue to S$177.1 million. Profit before tax climbed 31.4 per cent to S$104.9 million, as the group saw a price adjustment of S$10.5 million to an asset in the student accommodation portfolio.
Other operating expenses rose 7.9 per cent to S$60.4 million due to retrenchment costs of S$7.2 million, relating to a rationalisation exercise involving the media sales and content teams in October 2019. The group also flagged disruption in the property segment, as tenants in the retail malls in Singapore and Australia have been hit by lower footfall due to strict social distancing measures. The purpose-built student accommodation business has also been affected by UK university closures and students returning home.
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