SPH media revenue challenged by ‘ongoing trade tensions and slowing economy’
In an announcement of the third quarter results for Singapore Press Holdings (SPH), its CEO Ng Yat Chung said: “The media business continues to be challenged on various fronts including the ongoing trade tensions and the slowing of the Singapore economy, but we remain focused on our digital transformation strategy.
“We see improved recurring income from the property segment which has expanded its portfolio following recent acquisitions.”
With a slump of 12.3%, falling print advertising revenue continued to be a concern for SPH. Media circulation revenue in print fell by 8.9%. The revenue for the media business slumped by 11.6% to S$439,733 compared to S$497,472 last year. Profit declined by 32.2% to $52.1 million.
SPH however said that the overall circulation for the Straits Times was growing due to digital growth. Digital circulation grew by 22% year-on-year this quarter, boosted by a promotion from SPH that saw the distribution of tablets pre-loaded with several of its flagship newspaper titles.
This promotion will continue, with the campaign expanded to include titles like Straits Times, Business Times, Berita Harian and Tamil Murasu in the coming months.
The property segment continued to deliver for SPH, now accounting for 80% of its profits. Its revenue increased by 21.4% to S$220,745.
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