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SPH considering job cuts

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Singapore Press Holdings Ltd., is considering job cuts amid a reorganization, Bloomberg said yesterday

The dominant newspaper publisher is grappling with digital disruption that has eroded readership and advertising revenue.

While Singapore Press has diversified into property, telecommunications and nursing homes, that has failed to arrest a slide in earnings.

Profits have fallen for six straight quarters, including a 45 percent decline in the three months through May from a year earlier.

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its market value also fell this year, putting it behind New York Times.

Singapore Press had 4,473 employees at the end of May, with a total wage bill of S$276 million ($204 million).

Revenue in the third quarter slipped 11 percent to S$260 million. Its media business was the only segment that reported a decline in sales as advertising shrank.

The planned cuts come less than a month after Chief Executive Officer Ng Yat Chung was appointed Sept. 1. Mediacorp, the country’s other main news group that publishes the Today newspaper, said in August it would stop the print edition, said Bloomberg.

 

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