SPH reveals full year results

Singapore - Singapore Press Holdings (SPH) has announced its full year financial results, which show similar levels in net profit and group operating revenue as the previous year, but also large declines in its newspaper, magazine and advertising segments.

For 2008-2009 SPH's net profit dropped 3.6%, from $437.4 million last year to $421.9 million this year, and its group operating revenue was $1.301 billion which was comparable with last year's figure. Revenue for SPH's newspaper and magazine division dropped 12% to $892.4 million, while revenue for print advertising declined 16.9% to $648.3 million.

Operating revenue from SPH's other businesses grew $12 million, with the increase coming from its internet business as well as its new events offering Sphere. This year SPH introduced pay cuts for 3000 of its staff.

Alan Chan, CEO of SPH, said in a statement that the business outlook for the 2009-2010 financial year "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," Chan said.

"We took steps to ameliorate the challenging situation we faced with the decline in print ad revenue and rising staff and other operating costs. We will continue to monitor our cost levels closely while devoting resources to build up capabilities in adjacent businesses and grow beyond print and Singapore.

"Going forward, we will continue to leverage on our rich content and strong advertiser relationships to grow our advertising revenue, and use our financial resources to invest in new media, new products and new adjacent businesses."

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