SINGAPORE'S recession will hurt, but it also presents a good opportunity to snap up good companies on the cheap, said media group Singapore Press Holdings on Friday.
SPH's chief executive officer Alan Chan said this at a results briefing, at which it reported record revenues of $1.3 billion for the financial year ended Aug 31.
The company, which publishes Singapore's biggest English news daily The Straits Times, had recently announced the acquisition of popular financial portal Shareinvestor.com.
Net profit was down 12.4 per cent to $437.4 million, primarily due to lower reduced investment income and an investment-related impairment charge.
It also announced a final dividend of 19 cents per share, to be paid out on Dec 23, bringing the total dividend payout for this year to 27 cents. This is one cent up from the previous year's payout.
