Singapore Press Holdings SPH grows net profit 32% in FY17, but will hasten job cuts as media business struggles

SALE of an online classifieds business helped to lift Singapore Press Holdings' (SPH) net profit to a 32 per cent increase in fiscal 2017, but the news and property group will accelerate a previously announced round of job cuts to deal with challenges in its core media business.

FY2017 net profit rose to S$350.1 million, or 22 Singapore cents per share, as the company recognised a S$149.7 million gain from a partial divestment in its online regional classified business and a S$57.4 million fair-value gain from investment properties.

However, operating revenue shrank by 8.2 per cent to S$1.0 billion, said SPH, which is the parent company of The Business Times. The company will pay a final cash dividend of 3 Singapore cents per share and a special dividend of 6 Singapore cents per share for a total of 9 Singapore cents per share. In 2016, SPH paid a final dividend of 8 Singapore cents per share and a special dividend of 3 Singapore cent per share, or a total per-share payout of 11 Singapore cents.

SPH shares closed at S$2.69 on Wednesday, down by 0.7 per cent or 2 Singapore cents, before the results were announced.