Things are not looking bright for Singapore Press Holdings, according to its latest Annual Report released today (15 Oct).
For the financial year ended 31 Aug, its advertising revenue fell by 9.2% while its circulation income fell by 3%.
The overall effect on its profitability was mitigated by the increase of it’s property income by 4.6% while there was also cost savings from increased operational efficiency.
As a whole, the Group’s net profit after tax has fallen by 17% to $265.3 million.
CEO Alan Chan said that the financial year was “marked by a very tough operating environment [while]market conditions are expected to remain difficult” moving forward.
Separately, a report from Bloomberg cited anonymous sources saying that they may be laying off between 5% to 10% of its workforce due to cost reduction reasons while merging The New Paper and MyPaper.
SPH’s share price has been on a decline as well and it now trading at $3.71 now, a 19% decline from its peak of $4.60 in Apr 2013.