Shares in Singapore Press Holdings rose as much as 2.2 percent to S$2.75 in Thursday morning trading after reporting higher full-year profit and accelerated job cuts to support its core media business.
Here are some of the key earnings takeaways:
- Net profit attributable to shareholders rose to S$350.1 million in the year ended August 31 compared to 265.3 million last year.
- Profit boosted by net gains of S$127.6 million in the year.
- Operating revenue shrank by 8.8 percent as the disruption to the media industry continued to impact its media business.
- SPH said it would cut 230 jobs by the end of the year. The job cuts unveiled on Wednesday were part of 400 lay-offs previously announced, about half of which had already been made.
- Job cuts will come from restructuring its newsrooms and sales operations and reducing 15 per cent of staff in core media divisions.