SPH – Q307

Financial Data

All the data are extracted from SPH Q307 Results Announcement,

FY05

Q106

Q206

Q306

FY06

Q107

Q207

Q307

Revenue

1,007,512

263,576

241,723

268,043

1,031,351

274,188

253,653

290,998

Op Profit

351,887

103,059

83,122

94,502

361,086

107,347

83,970

108,822

PBT

558,364

121,872

103,719

194,699

509,420

136,914

117,054

186,137

Net Profit

488,389

98,548

84,453

174,590

428,344

112,365

107,990

159,388

NPM

48.47%

37.39%

34.94%

65.14%

41.53%

40.98%

42.57%

54.77%

Cash

70,192

258,139

130,986

132,460

81,387

365,097

209,887

245,867

Investmt – S/T

653,590

616,053

564,950

540,512

671,196

546,596

536,627

552,328

Investmt – L/T

121,005

390,369

418,425

398,136

403,466

366,827

343,251

332,583

Investmt Prop

1,059,000

1,059,304

1,060,088

1,131,521

1,130,890

1,130,986

1,131,730

1,139,046

Loan – NCL

650,000

650,000

631,111

630,944

610,778

602,681

593,745

583,745

Loan – CL

0

0

667

667

667

667

1,200

1,000

NAV ($)

1.02

1.29

1.21

1.23

1.28

1.36

1.26

1.29

EPS ($)

0.31

0.06

0.05

0.11

0.27

0.07

0.07

0.10

DPS ($)

0.178

0

0.07

0

0.17

0

0.07

0

Notes :

  • All figures in S$,000 unless otherwise stated
  • FY is end-Aug

Result Highlights

  • Revenue
  • Group Operating Revenue : +8.4% ($288.1M) Y-on-Y
  • Revenue (Newspaper and Magazine) : +7.8% ($195.6M) mainly driven by the 10.4% increase in print advertisement revenue
  • Circulation Revenue (after absorption of S$2.6 million in GST) : -0.8% (S$53.8)
  • Property : +6.6% ($26.0M) Y-on-Y

  • Costs
  • Materials, Consumables and Broadcasting : +1.8% ($45.0M) with an increase in production costs of $0.8m (8.6%) mainly from the inclusion of new subsidiaries
  • Staff : +12.0% ($76.7M) as a result of variable bonus provision, increased headcount and annual salary increment. Variable bonus provision was in line with the Group’s higher operating profits and the Group’s new performance-based incentive scheme. Total headcount in May 2007 was 3,684 compared to 3,583 a year ago because of the acquisition of new subsidiaries and staffing for new media businesses
  • Depreciation : -$0.9 million (-6.8%) mainly due to timing in commissioning of new systems.

Consequently, profit before investment income at $108.8M was $14.3M (15.2%) higher than the corresponding quarter last year.

  • Group Investment Income : +139.1% ($75.3M) Y-on-Y arising from net profit on sale of investments and profit from a capital reduction exercise by MobileOne Limited. In addition, last year’s investment income included special dividends from MobileOne Limited

Consequently, net profit was 8.5% lower at $159.8M compared to $174.6M in the corresponding quarter last year.

Forward Statements

  • Print Advertisement Performance – Expected to be encouraging on the back of the positive economic outlook for Singapore
  • Publications – Continue to enjoy healthy readership levels ; continuing with efforts to sustain its circulation base
  • Newsprint prices are expected to remain soft in the near term. The Group will continue with cost management measures to sustain its core newspaper business
  • Group is strengthening its presence on various new media platforms with more funding expected to be channelled to spearhead growth in this direction
  • Paragon – Generating healthy rental yields amidst the strong sentiments in the property market.
  • Sky@eleven – Profits for will be recognised using percentage-of-completion method over the life of the project
  • Group expect to perform better than last financial year

Source : SGX

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