Singaporean media organization Singapore Press Holdings (SPH) reported in its first 9 months FY21 ending May, a 16.8% YoY fall in operating revenue to S$286.7mn ($210mn). The company cited a decline in newspaper print ad revenue as the cause for this fall, reporting a 17.6% YoY fall to S$28.6mn ($20.9mn). Weighted average debt to maturity stood at 3.7Y, with a cash balance of S$713mn ($523mn) as of the end of May. SPH recorded a 22% YoY increase in gross revenue for the first nine months credited to an overall asset recovery. SPH REIT’s DPU for Q3 FY 2021 stood at S$1.38 cents, a 11.3% increase compared to Q2 FY 2021. SPH reported in its first nine months FY21 a 17.6% YoY decline in print Ad revenue to S$134mn ($98mn).
Shares closed at S$1.80 ($1.32) on Monday, down 1 Singapore cent, or 0.6 cent. SPH proposed a restructuring in May which entailed a transfer of the media business to a company limited by guarantee. The company also declared that Carousell has been looking into a merger with a special purpose acquisition company (Spac) for around US $1.5bn.
SPH´s SGD bonds were stable with its 4.5% Perp trading at 101.629, yielding 3.89%
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