For 3Q 2016, operating revenue remain flat however operating profit decline by 42% due to impairment charges for goodwill & intangibles of  $28 million from magazines business. Excluding the impairment charges , operating profit will decline by 16.1% . The result is still disappointing if excluded impairment charges. For goodwill & intangibles, it seem that SPH had overpaid for a acquisition that does not generate its expected cash flow & impairment is recorded when goodwill fair value goes below it book value .I suspect the magazines business is Luxury-Insider.com which is acquired by SPH in Year 2014. The print business is steadily declining but mitigated by property segment income growth. IMO,the injection of Seletar Mall to SPH REIT should  take place as soon as possible due to the reopening of Compass One in Q3 2016 ,coupled with the brand new mall Waterway point will intensifies the retail /shopping competition in North East cluster. Although not something new, the ......