Singapore Press Holdings (SPH) fiscal year's third quarter net profit attributable to shareholders rose 64.3 per cent to US$47.4 million compared with the same period a year ago. This was due to lower impairment charges, the Group said in the results announcement for the third quarter ended 31 May 2018 (3Q 2018) today.
SPH continues to face its digital challenges head on, while making key management appointments to boost its “First to Digital” initiatives, as it seeks to aggressively grow digital revenue. Their promotional efforts in the quarter had good results, as daily average digital circulation copies increased by 121,000 copies from 3Q 2017 to 3Q 2018.
On the digital advertisement front, SPH’s total digital ad revenue is showing good growth and momentum, responding well to the challenge from digital disruptors. The new SMX platform, a data-driven programmatic ad exchange that started operating on 8 May, has been gaining momentum in reaching the Singapore digital population.
Ng Yat Chung, chief executive officer of SPH, said: “As we continue to sharpen our media capabilities in the face of digital disruption, we are seeing early signs of a slower decline of our Media revenue.
“At the same time, we are making efforts to diversify, with new growth thrusts. Our new strategy is to focus on the acquisition of cash-yielding real estate assets overseas. We are also preparing the Aged Care business for overseas expansion.”
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