Operating revenue fell 1.6 per cent to S$246.1 million as revenue from print advertisement and circulation fell 16.7 per cent and 7.3 per cent, respectively.
"The media business continues to be challenged on various fronts including the ongoing trade tensions and the slowing of the Singapore economy, but we remain focused on our digital transformation strategy," said SPH chief executive Ng Yat Chung in the company's results statement on Friday. Mr Ng noted that while SPH has less investment income now given that it had sold off most of its portfolio, the funds have been redeployed to other investments like student accommodation and will translate to more operating income eventually.
While revenue for the media business fell over the nine months by 11.6 per cent to S$439.7 million and pre-tax profit from this segment declined 32.2 per cent to S$52.1 million from a year ago, the digital side of the media business continued to enjoy an upswing. Newspaper digital ad revenue rose 11 per cent while daily average newspaper digital sales improved by nearly 13 per cent.