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Singapore Press Holdings (SPH) swung back to profitability for the financial year ended August 2021, reporting a net profit of S$92.9mn ($68mn). This comes after SPH reported its first ever full year loss last year, as per Straits Times. Key highlights from its earnings release are as follows:

  • Revenues from continuing operations (ex Media) grew 2.4% to S$475.1mn
  • Operating profit came in at S$206.7mn, up 69.8% on the back of a 21.6% reduction in costs with lower costs of Aged care (in line with lower revenue) and absence of impairment of intangible assets (S$17.5mn from Orange Valley, PBSA in FY 2020)
  • Profits were boosted by change in fair value of its investment properties at S$66.6mn arising from increase in values of its retail malls (S$21.9mn), PBSA portfolio (S$34.7mn) and bungalows (S$9.5mn)
  • Loss from discontinued operations, the Media business, excluding Job Support Scheme (JSS) funding and including effects of depreciation came in at S$38.7mn vs. S$40.1mn in FY2020. With JSS and excluding depreciation, operating loss for Media stands at S$13mn. This along with S$115.3mn of media restructuring loss takes Media’s full year loss to S$128.3mn
  • SPH expects an additional loss of S$115.5mn in FY2022 arising from contributions of S$80mn cash, SPH REIT units and SPH ordinary shares for the maintenance of the Media business

Mr. Ng Yat Chung, CEO of SPH said, “We took the difficult decision earlier to restructure the Media business. That will enable SPH to avoid future losses and funding needs from the Media business and we will focus on expanding the portfolio of the non-media business. The next step is for shareholders to consider the privatisation offer from Keppel.”

SPH’s SGD 4% Perps traded steady at 100.36 yielding 3.89%.

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