SPH shares dip below $1 after company posts first net loss

SINGAPORE - Shares of Singapore Press Holdings sank on Wednesday as the board slashed dividends after the media and property group fell into the red for the first time.

About 17 million shares had changed hands by then, making it the third most actively traded by volume. Its media business continued to be hurt by declining advertising revenue. For the full year, revenue for the media segment shrank 22.8 per cent to $445.1 million due to a fall in newspaper print advertisement revenue. Loss before taxation for the segment was $11.4 million, compared with a profit of $54.7 million for FY19, after taking into account retrenchment costs of $16.6 million.

The group's core revenue fell within expectations but core operating profit fell short due to higher-than-expected operating costs, Mr Yeo and Mr Sim wrote in a report.

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