Singapore Press Holdings Annual Report 2011

Singapore Press Holdings (SPH) released its annual report for the year ended 31 August 2011 (FY 2011) recently. This report covered the period from 1 September 2010 to end 31 August 2011.

SPH performed worse off compared with the previous financial year.

Operating revenue decreased by 9.4 per cent to $1.25 billion. Profit attributable to shareholders decreased by 22 per cent to $388 million. FY2011 did not have the benefit of profits from the condominium development project “Sky@eleven” which contributed $154 million to FY2010’s bottom line. “Sky@eleven” was completed in May 2010.

Return on Equity (ROE) declined by 5.9 percentage points to 17.4 per cent. Earnings per share decreased by 22.6 per cent to 24.0 cents.  Out of total earnings, total dividend to be paid out would be 24.0 cents per share. This translates into 100 per cent of profit. This dividend includes 16 cents ordinary dividend and 8 cents special dividend. Compared to FY2010, dividend then was 27 cents.

In calculating dividend yield in relation to its share price, the yield based on end of financial year share price of $3.80 was 6.32 per cent. The last traded share price (4 Nov) was $3.88 (cum dividend of 17 cents) and the dividend yield based on ex-dividend share price is 6.47 per cent. This was a generous dividend payout.

Looking at core businesses of SPH, revenue from Newspaper & Magazine segment grew by 4 per cent from previous year, revenue from print advertisement grew 5.7 per cent. SPH’s key property – Paragon – enjoyed 100 per cent occupancy. Its other property at The Clementi Mall also enjoyed 100 occupancy rate.

Copyright © 2011, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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