SPH's earnings woes persist

Profits down 17.5% to $265.3m in FY16.

Media and property group Singapore Press Holdings posted a 17.5% drop in FY16 earnings to S$265.3 million blamed on continued weakness in its core media business.

The firm's revenue slip 4.5% to S$1.15 billion, dragged by the 7.6% decrease in media operating revenue to S$834.2 million.

On a positive note, revenue from its property business grew 4.6% to S$241.3 million, thanks to higher rental and services revenue, due in part to The Seletar Mall.

The group’s other businesses also recorded an 11.4% increase in revenue to S$48.8 million.

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