SPH FY2014

 Profit & Loss (Before Taxation)

Newspaper & Magazine              $246,381,000
Property                                       $239,397,000
Treasury & Investment                $30,419,000
Others                                           $12,194,000

Newspaper & Magazine segment decrease by 16% yoy and now form slightly less than half of overall PBT.Decline was basically due to lower advertisement revenue.Partial divestment in 701Search result in a gain in Others segment.Hardcopy ST circulation decrease  but digital increase yoy.Seletar Mall is target to open in Nov 2014.Final Dividend of 14 cents declared for FY2014.

With a total dividend of 21 cents at a current price of $4.16 per share, it is operating more like a pseudo bond of 5%.Do not expect too much in term of price appreciation, just get your 5% and hope and business fundamental do no deteriorate too much from here.