SOURCE: South China Morning Post Group Limited

South China Morning Post Group Limited

August 25, 2011 08:40 ET

SCMP Group Limited Reports Four-Fold Increase in Net Profit for First Half 2011

HONG KONG--(Marketwire - Aug 25, 2011) - The South China Morning Post Group Limited today announced the unaudited interim results for the six months ended June 30, 2011.

The operating results improved significantly as a result of careful cost management and a more positive economy. Total revenue was HK$443.5m compared with HK$411.7m in 1H 2010, an increase of 8%. Operating profit from principal activities increased 70% to HK$112.8m for 1H 2011. Net profit attributable to shareholders for the period was HK$223.7m, compared with a $52.3m during 1H in 2010. This year's net profit included a property revaluation gain net of deferred tax of $128.2 million.

Basic earnings per share came to HK$0.143 per share, compared to HK$0.034 per share in 1H, 2010. Interim dividend per share was HK$0.04.

The newspaper publishing division, which generated 84% of the revenue and 72% of the operating profit, reported an increase of 9% increase in revenue and an 80% increase in net profit to $73.7m (from $41.0m for the same period in 2010). Revenue from advertising and marketing services increased by 11%, driven by a higher volume of display advertising in newspaper, glossy magazines and Post Magazine. Recruitment revenue increased 8%, mainly driven by strong growth in online recruitment advertisements.

The un-audited circulation of South China Morning Post in the first half of 2011 was estimated at 101,800 copies, same level as last year, and that of Sunday Morning Post was 81,300, increased by 3% as compared with the first half of 2010.

"The first half results are very encouraging, and reflect careful budget management and significant effort from the team to drive new revenue sources as well as to optimize the existing product portfolio," said Ms Elsie Cheung, COO for the SCMP Group Limited. "Looking into the second half of this year, the Group will continue to strengthen its print and digital products for readers and deliver exciting new marketing opportunities for its advertising clients. Provided that the economy remains stable in the months ahead, the Group is confident that the business momentum will be maintained in the second half of 2011."

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About SCMP Group Ltd and South China Morning Post

SCMP Group Limited (HKSE: 0583) is a leading newspaper and magazine publisher in Asia. Its flagship publication, South China Morning Post, is Hong Kong's world renowned English language newspaper and has the city's most affluent and influential readership. First published in 1903, the newspaper has developed an enviable reputation for authoritative, influential and independent reporting on Hong Kong, China and the rest of Asia. Available in print, iPad™ and online through scmp.com and e-reader editions, South China Morning Post reaches a global audience with daily breaking news, insightful analysis and opinion, multimedia articles and interactive forums. Striving to maintain the highest standards among the world's quality newspapers, the South China Morning Post receives constant international recognition. It received 60 awards in 2010, and 53 to date in 2011 for excellence in editorial, marketing and technical capability. Other publication titles of the Group include the Sunday Morning Post, the Chinese editions of Cosmopolitan, Harper's Bazaar and CosmoGirl! magazines. For more information, please visit us at www.scmpgroup.com.

Contact Information

  • Contact:
    Adela Liew
    Senior PR and Corporate Communications Manager
    South China Morning Post
    Email: communications@scmp.com