Just look at the results. Net profit attributable to shareholders declined from $101,253K(1Q2011) to $97,547K (1Q2102). This is mainly due to a drop in investment from income (unrealised exchange loss on foreign investments) of $5.5M. Recurring income was actually higher for 1Q2012 than 1Q2011 by $4.9M due to Clementi Mall in full operation in 1Q2012. EPS is 6cents (unchanged) and NAV stand at $1.44 . Core Newspaper and Magazine business revenue fell by $3.2M.
Total Assets: $3,885,427K, Total Liabilities: $1,490,861, Net Assets: $2,394,566
Circulation Revenue: $50.3M
My take: no major surprises at this point in time.