SPH Q2 net profit down 12.6% to $87 mln

Singapore Press Holdings’s second-quarter net profit fell 12.6 per cent to $87 million from a year back, as the economic downturn led to shrinking profits for its print media business.

Recurring profit for the three months ended Feb 28, 2009 fell 16 per cent to $93.8 million, the group said today.

Revenue for its core newspaper and magazine segment fell 13.5 per cent to $204.6 million, while overall group revenue fell a narrower 3.7 per cent to $287.2 million.

SPH saw a 32.9 per cent rise in revenue from the property segment to $72.2 million, with Sky@eleven and Paragon contributing $16.3 million and $1.3 million respectively to the increase.

SPH has announced an interim dividend of 7 cents per share, payable on May 20.

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