SINGAPORE - Media and property group Singapore Press Holdings said on Monday that its operating profit for the year ending Aug 31 is expected to be"significantly lower" than the $187 million recorded a year earlier due to the ongoing pandemic.
Media has been hurt the most among its units due to the decline in print advertising. While circulation was up, this would only partially offset the fall in print advertisements, said SPH. Circulation, on the other hand, rose despite loss of sales to airlines and hotels. Overall circulation edged up 9.5 per cent with digital circulation levels closing the gap on print. This is in part due to the News Tablet campaign - an e-paper subscription plan which comes with an app pre-installed on a Samsung tablet. This drove total digital revenue higher by 8.5 per cent in the third quarter over the same period last year.
Meanwhile, universities in cities in which SPH has PBSA assets have confirmed opening with minimal or no delay. This contributed to improvements in PBSA bookings last month.
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