SPH print revenue drops again

• SPH releases third quarter results
• Print revenue suffers decline
• Print ad sales plummet

Singapore - Singapore Press Holdings' print properties have continued to suffer, with the group's newspaper and magazine segment recording a revenue decline of $46.9 million or 17.4% and print ad sales dropping 23.3% to $159.5 million, according to its third quarter results.

The newspaper and magazine segment continues to decline, falling even further than the figures which were released for the second quarter in April.

According to the figures, recurring profit declined marginally by 2.8% to $131.3 million. Overall, net profit of $126.7 million was lower by 5.0% compared to $133.4 million achieved in the corresponding quarter last year.

Staff costs decreased 18.9% to $70.8 million as a result of the pay cuts implemented by the group from April this year, the decrease in profit-related bonuses and a $3.4 million Singapore Government Jobs Credit grant.

"Despite early signs that the decline in global demand is levelling out, the timing and extent of the economic recovery remain unclear," Alan Chan (pictured), chief executive officer of SPH, said.

"The threat of the Influenza A (H1N1) pandemic further clouds visibility on business conditions. Our advertising revenue is expected to move in tandem with the performance of the economy. As trading conditions are expected to remain uncertain, we will continue to be vigilant in managing our costs, growing our revenue and maintaining a strong balance sheet."

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