First, let us look
at the table below.
 |
| Click to enlarge. |
Advertisement
revenue has some correlation with economic activity, and the number we look at here
is the GDP.
Margin is also not declining in a straight line but is rather
volatile, with better margin during boom years, as can be seen in 2010 and 2004.
But, what
about the onslaught of digital platforms? Do they not have an impact on SPH?
Well, the answer is "no". Huh? Am I contradicting myself here?
Advertisement
comes from three segments: Display, Classified and Magazine & Others.
As I have
posted in a forum before, if we track the revenue of these segments from
2009 to the most recent quarter (i.e. the most recent trough ...
...
