The group, however, remains operationally profitable. For the full year, operating profit fell 41 per cent to S$110.2 million.
Total costs were 6.8 per cent higher at S$844.4 million in part due to the increased operational costs of running an expanded Reit and PBSA portfolio, property tax rebates passed on to tenants, and retrenchment costs. Revenue from the property business rose 10.3 per cent to S$327.2 million, boosted by the acquisition of the Westfield Marion mall and the Student Castle PBSA portfolio. However, rental waivers of S$33.8 million to tenants in Singapore eroded the gains from the retail sector. Meanwhile, revenue from the PBSA sector climbed 60.6 per cent.
A final dividend of one Singapore cent per share was declared, versus last year's 5.5 cents. SPH had also paid a special dividend of one cent for FY19. The dividend is payable on Dec 18. Together with the interim dividend of 1.5 cents, the total dividend payout for FY20 will be 2.5 cents. He added that the media business will remain difficult until advertising revenue returns with the resumption of consumer spending.
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