SPH Q2 profit drops 15% on weak ad sales

Singapore Press Holdings (SPH) suffered a sharper-than-expected, 15 per cent year-on-year drop in its second fiscal quarter net profit amid a drop in advertising sales.
The media and property group said on Friday that net profit attributable to shareholders fell to S$71.5 million, or 4 Singapore cents per share, for the quarter ended February.
A Bloomberg poll placed street consensus for earnings per share of 5.5 Singapore cents for the quarter.
Net asset value per share declined to S$1.35 per share as at Feb 28, 2013, from S$1.39 as at Aug 31, 2012.