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Singapore Press profit misses consensus by 43.7% in fiscal Q2

Singapore Press Holdings Ltd. said its normalized net income for the fiscal second quarter ended Feb. 29 came to 2 Singapore cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS declined 25.3% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$37.0 million, a decrease of 22.6% from S$47.8 million in the year-earlier period.

The normalized profit margin fell to 14.3% from 17.7% in the year-earlier period.

Total revenue decreased on an annual basis to S$259.3 million from S$270.3 million, and total operating expenses fell on an annual basis to S$183.2 million from S$192.2 million.

Reported net income declined 22.3% year over year to S$54.1 million, or 3 cents per share, from S$69.6 million, or 4 cents per share.

As of April 12, US$1 was equivalent to S$1.35.