Singapore Press Holdings has suffered a 25 percent drop in net profit for the second quarter of its latest fiscal year.
The firm announced that net profit as of 28 Feb stood at S$40.2 million – down from S$53.5 million in the same period last year.
Meanwhile, SPH’s revenue from advertisements and circulation dropped 9.3 percent and 7.5 percent respectively.
Its media segment clocked a 7.5 percent decline in revenue.
This comes after a report by UOB Kay Hian last month, stating that SPH’s advertisement page count for its flagship newspaper, The Straits Times, had fallen by 12.7 per cent year-on-year.
SPH has also saw group operating revenue drop by 1.8 percent year-on-year to S$233.7 million while revenue for the property segment dropped by 2.4 per cent to S$60.5 million.
SPH is in the midst of staff retrenchment, with 230 staff (10 percent of its workforce) expected to be sacked by 2018.
It has also plans to shut down online news portal, AsiaOne.