14 January 2014
The Straits Times Index (STI) ended -11.74 points lower or -0.37% to 3123.75, taking the year-to-date
performance to -1.30%. Total Volume was 2,746M shares with total value S$991.2M. Losers outperformed gainers with 234 to 169.
Miyoshi: reported S$28M revenue with net profit of S$5M in 2014Q1 report. The company mentioned that "Despite that the global economy has started to show initial signs of stability, the general business environment remains fluid and any significant risks could undermine this recovery. We expect demand will continue to be soft in the next quarter. With regard of the business strategy, we strive to enhance the competitiveness and to leverage on new opportunities and tackle any challenges that may come our way. Following the dilution of the shareholding in the previous principal subsidiary, Giken Sakata (S) Limited, in October 2013, the Group will no longer consolidate its performance and the drop in turnover will fully be reflected in the next quarter, as compared with the corresponding quarter last year"
Singapore Press Holdings Limited (SPH): reported its results for the first quarter ended 30 November 2013 (1Q 2014). Group recurring earnings for 1Q 2014 rose by $2.5 million (2.2%) to $116.9 million compared to the corresponding quarter last year (1Q 2013). This was attributable to higher contribution from the exhibitions, radio and online classifieds businesses, partially offset by reduced earnings from the Newspaper and Magazine business and increased finance costs arising from additional borrowings undertaken on the establishment of SPH REIT. Net profit attributable to shareholders of $88.8 million was $6.3 million (6.6%) lower compared to 1Q 2013. This was net of SPH REIT’s profits attributable to non-controlling interests.
Revenue for the Group’s Newspaper and Magazine business of $255.9 million was $7.6 million (2.9%) lower compared to 1Q 2013, as advertisement and circulation revenue declined by $5.8 million (2.8%) and $2.3 million (4.7%) respectively.
Revenue for the Property segment rose by $2.6 million (5.4%) to $50.8 million on the back of higher rental income from Paragon and The Clementi Mall.
Operating revenue from the Group’s other businesses at $21.8 million was $11.4 million higher than 1Q 2013. The increase came mainly from the exhibitions business due to new shows and certain shows being held on different dates in the comparative period. The Group’s radio and online classifieds businesses further contributed to the revenue growth.
Total operating costs rose 1.4% against 1Q 2013 to $215.1 million, mainly attributable to higher staff costs and finance costs which were partially offset by a reduction in materials, production and distribution costs and lower business promotion expenses.
Investment income at $5.1 million was $2.1 million (67.6%) higher than the same period last year.
On the outlook for FY2014, Mr Alan Chan, Chief Executive Officer of SPH commented: "The near-term global and domestic economic outlook remains modest with persisting uncertainties. Against the backdrop of an evolving media landscape and changing consumer behavior the Group continues to evaluate and pursue new growth opportunities whilst striving to revitalize its core media business.”
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