What is | www.whatis.com.sg www.whatis.com.sg

MEDIA group Singapore Press Holdings (SPH) has posted a net profit of $102.3 million for its first quarter ended Nov 30 2010 (1Q 2011).

Singapore Press Holdings Net Profits

This is a drop of 29.3 per cent from the same period a year ago, mainly because last year’s numbers included profits from SPH’s condominium project Sky@eleven, the group said in a release on Friday.

Taking out Sky@eleven, however, group operating revenue improved 12.3 per cent in the quarter, rising to $318.7 million.

An increase in print advertisement revenue also boosted profits from the newspaper and magazine segment by 9.2 per cent to $265.5 million.

Rental income from the group’s mall Paragon rose by 26.1 per cent, or $7.5 million, after the building’s facade was enhanced.

Some stores in SPH’s new mall, Clementi Mall, have already opened for business and full tenancy commitment is expected when the mall officially opens in April, said SPH chief executive officer Alan Chan in the release.