I feel that the results quite good and divvy is better than expected...

SINGAPORE PRESS HOLDINGS LIMITED

Reg. No. 198402868E

(Incorporated in Singapore)

SPH reports Full Year Net Profit of $506 million

SINGAPORE, 12 October 2007

today reported its full year results for year ended 31 August 2007. Net profit was

up 18.1% to $506.2 million compared to previous year?s $428.5 million which

included an exceptional gain of $66.8 million. Operating profit* rose by 20.2% to

$434.2 million. This included the maiden profit of $47.8 million from sale of the

Sky@eleven condominium recognised on a percentage-of-completion basis.

The Group?s operating revenue climbed 13.6% to $1.16 billion. Newspaper and

Magazine operations increased 5.8% to $959.4 million on the back of a strong

7.2% growth in print advertisement revenue to $725.1 million. Revenue from

Property operations surged 80.2% to $177.8 million with the inclusion of $71.3

million from Sky@eleven and an increase of $7.8 million from Paragon?s rental

income growth.

Total operating expenses increased by 10.1% to $738.3 million. Property

development costs of Sky@eleven accounted for $23.5 million while staff costs

were higher by 12.5% or $33.6 million as a result of variable bonus provision,

increased headcount and annual salary increment. Variable bonus provision was

in line with the Group?s higher operating profits and the Group?s new

performance-based incentive scheme. Total headcount in August 2007 was

3,735 compared to 3,585 a year ago because of the acquisition of new

subsidiaries and staffing for new media businesses.

Group investment income was up 79.0% to $146.2 million. This comprised

mainly net profit on sale of investments and profits from capital reduction

exercises by Starhub Limited and MobileOne Limited.

Commenting on the outlook for FY 2008, Mr Alan Chan, Chief Executive Officer

of SPH said: "Outlook for the Group?s print advertisement revenue is positive

given the generally healthy economic environment. Property segment will be

boosted by profits recognised for Sky@eleven over the life of the project. The

Group remains committed to sustaining the core newspaper business? margin

and will continue to invest in new media platforms as part of its growth strategy.

Barring unforeseen circumstances, the Directors expect the recurring earnings

for the current financial year to be satisfactory."

The Directors of SPH have proposed a Final Dividend of 19 cents per share,

comprising a Normal Dividend of 9 cents per share and a Special Dividend of 10

cents per share in respect of the financial year ended 31 August 2007. These

dividends are on tax-exempt (one-tier) basis and will be paid on 27 December

2007. Together with the Interim Dividend paid during the year, total Dividend

payout for FY 2007 will be 26 cents.? Singapore Press Holdings Limited (SPH)