SPH FY2013

Operating Revenue                                        = $1,239,452,000
Operating Profit                                             = $369,288,000
Fair Value Gain on Investment Properties    = $111,407,000
Investment Income                                        = $13,971,000
Net Profit Attributable to Shareholders         = $430,954,000
EPS                                                                = 27 cents (include 7 cents from Change in Fair Value)
NAV                                                              = $2.19

Operating EPS is only 20 cents for FY2013 so need to monitor this to see if there is deterioration in SPH's fundamentals. Advertisement revenues declined by $31.7m and circulation revenue declined by $7.2m. Operating expenses increased by $40.4 due to impairments and set up costs.