Investment revenue up, publishing still down for SPH

SPH   PAY CUTS   PUBLSIHING SINGAPORE  COMPENSATION & BENEFITS   

• SPH sees a hike in investment income
  
• Newspaper and magazine revenue still declines
• Expects ad revenue to pick up

Singapore - Mainboard-listed Singapore Press Holdings (SPH) seems to be on the path of recovery as the Group's investment income recovered from a loss of $33.7 million a year ago to a gain of $10.2 million for the first quarter ended 30 November 2009.

However, the operating revenue of the newspaper and magazine segments continued to move south with a decline of $6.2 million or 2.5%  from the corresponding period of the previous financial year to $243.2 million. Print advertising revenue too, declined by 3.1% to $182.4 million owing to a drop in classifieds advertisements.

CEO Alan Chan (pictured) in a statement said that these two segments have picked up recently and that the group's advertising revenue is expected to improve in tandem with modest growth for the Singapore economy.

"We will continue to monitor our cost levels closely while at the same time devote resources and explore opportunities to grow beyond print and Singapore," he added.

Last month, SPH had restored 50% of the pay cuts it introduced in April, 2009. In addition, the media giant said it will give special one-off amounts to staff in recognition of the "sacrifice" they made.

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