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SPH to axe 230 jobs despite 32 per cent profit growth in 2017

Singapore Press Holdings is to cull 230 jobs by the end of this year following months of tumbling revenue within its media business.

The newspaper giant, which owns The Straits Times, intends to make 130 people redundant. Others will take retirement or see their contracts terminated as part of a restructure, journalists were told in a briefing yesterday. 

The majority of these cuts will hit the newsrooms and sales operations, reducing 15 per cent of staff in the core media divisions.

SPH had originally planned to complete its full 10 per cent staff reduction by the end of 2018, according to the Business Times.

Ng Yat Chung, the recently appointed CEO of SPH, said in statement that the company is expected to incur retrenchment costs of approximately S$13 million this quarter.

He added: “To deal with the disruption to our core media business, we will step up our investments to enhance our capabilities in digital, data analytics, radio broadcasts, video and content marketing. These will enable us to seek new growth and better meet the changing needs of our readers, subscribers and clients.”

Nevertheless, the company’s net profit rose to S$350.1 million this fiscal year due to its sale of the online classifieds business, plus fair-value gain from its property investments.

But its core business of print media has taken a significant hammering over the last few years as it grapples with the loss of readership and ad revenue to digital disruption.

SPH’s rival Mediacorp also recently made a number of people redundant after closing the daily tabloid Today.

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