SPH’s net profit of SGD $29.7 million was significantly lower than the S$52.95 million net profit analysts polled by Refinitiv Financial Solutions earlier estimated the organisation would record.
Just a day later, SPH shares dropped by 2.4 per cent, which prompted OCBC Investment Research to keep its “hold” rating on SPH shares. OCBC Investment Research however added that it would review its fair value estimate of S$2.55. By midday today, shares of SPH were down 2.46% and was trading at $2.45.
SPH also recorded a notable 10.1 per cent decline in media revenue. The organisation claimed that this decline was partly due to the shorter festive advertising window between Christmas and Chinese New Year. SPH’s media operations constitutes 60 per cent of operating revenue. Even though only 40 per cent of its operating revenue comes from other businesses, two-thirds of profit comes from its property investments.
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