Singapore Press Holdings Limited (SPH) will see an approximate 5% reduction in staff numbers across the Media Group as a result of the group streamlining its media operations with sales approach.
The exercise is expected to be completed within the current quarter and to incur retrenchment costs of approximately $8m.
The group further reported a net profit of $213.2m largely due to the absence of the one-off gain from the divestment of the Treasury & Investment portfolio and drive by higher income from property, according to an official statement.
SPH is further seeking opportunities to expand its presence in Singapore and abroad while boosting operational standards and quality.
Ng Yat Chung, chief executive officer of SPH said: “We have redeployed capital from our Treasury & Investment portfolio to invest in student accommodation which is yielding a steady stream of recurring income. We will continue to invest in such defensive, cash-yielding sectors to expand our recurring income base.
“The restructuring will enable us to deliver more effective integrated solutions across various media platforms to meet the evolving demands of our advertising customers as well as audiences. We continue to invest in the newsrooms and digital media capabilities while remaining disciplined about costs.”
The Drum earlier spoke with SPH head of strategy and innovation, integrated marketing Yang Hui Cheng about how SPH is adopting social display to bolster revenue potentially lost to social networks.