SINGAPORE — Singapore Press Holdings on Thursday announced that it will lay off five per cent of its staff in the core media group as the conglomerate reported lower net profit and revenue for its 2019 financial year.
In a press release, SPH said the rationalisation exercise is expected to be completed in the current quarter and incur retrenchment costs of about $8 million. Net profit for the period ended 31 August 2019 fell 23.4 per cent to $213.2 million due mainly to the absence of a one-off gain on divestment of the treasury and investment portfolio.Revenue for the media business fell 12 per cent to $576.9 million as SPH posted a 14.9 per cent drop in print advertisement revenue and a 7.3 per cent decline in circulation revenue.
Ng Yat Chung, CEO of SPH, said, “The media business continues to be challenged with the decline in print advertisement and circulation revenue. But we are seeing progress in our digital transformation strategy in terms of improved digital advertisement and circulation growth." Revenue for the property business rose 22.3 per cent to $296.5 million while pre-tax profit in the segment gained 39 per cent to $263 million.Revenue in the others segment including for the aged care business rose 1.8 per cent to $85.9 million while pre-tax loss widened 51.9 per cent to $27.3 million.Have a tip-off? Email us at sgnews.tips@verizonmedia.com. In your email, do provide as many details as possible, including videos and photos.Singaporean ISA detainee jailed 2.
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