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Serious SPH Profits Up By 32%! Deadweights To Be Retrenched Sooner! Majulah LG Ng Yat Chung!

Discussion in 'The Courtyard Café' started by JohnTan, Oct 11, 2017.

  1. JohnTan

    JohnTan Alfrescian (InfP) Old Timer

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    [​IMG]

    SINGAPORE: Singapore Press Holdings (SPH) on Wednesday (Oct 11) said it is accelerating its previously announced plans for staff reduction even as it reported a 32 per cent rise in full-year net profit.

    Its full-year results showed bottom line rose to S$350.1 million for the year ended Aug 31, up S$84.8 million or 32 per cent compared to the previous financial year, helped by a gain of S$149.7 million from the sale of its online classifieds business. A S$57.4 million fair-value gain from investment properties also boosted results.

    However, these gains were partially offset by charges of S$96 million, which included impairment of the magazine business amid unfavourable market conditions, write-down of printing presses due to consolidation of printing capacity, and write-down of investments in associates to realisable value.

    Meanwhile, operating revenue shrank by 8.2 per cent, or S$91.8 million, to $1,032.5 million, pulled down mainly by a 13 per cent year-on-year fall in revenue from its media business which continued to be impacted by disruption to the media industry.

    Compared to the previous financial year, advertising revenue was down 16.9 per cent, or S$102.5 million, while circulation revenue declined by 5.1 per cent, or S$8.7 million.

    Among other segments, property revenue rose S$2.8 million, or 1.2 per cent, bolstered by higher rental income from its retail assets. Revenue from other businesses grew S$14.1 million, or 28.9 per cent, from the year before on the back of income from a newly acquired healthcare business.

    SPH also said it would complete the full 10 per cent staff reduction announced last October by the end of 2017, sooner than the previously announced two-year period.

    “The Group will complete the full 10 per cent staff reduction announced last October by the end of this calendar year, and is expected to incur retrenchment costs of approximately S$13 million in the current quarter," said SPH’s CEO Ng Yat Chung.

    "It includes restructuring the newsrooms and sales operations, reducing 15 per cent of staff in these core media divisions,” Mr Ng added.

    Moving forward, Mr Ng added that SPH will step up its investments to enhance capabilities in digital, data analytics, radio broadcasts, video and content marketing so as to deal with disruption to its core media business.


    “These will enable us to seek new growth and better meet the changing needs of our readers, subscribers and clients,” Mr Ng said in a press release.

    SPH shares closed down 0.74 per cent, or 2 Singapore cents, at S$2.69 on Wednesday ahead of the earnings release.


    Read more at http://www.channelnewsasia.com/news...-full-year-net-profit-but-advertising-9300898
     
  2. myfoot123

    myfoot123 Alfrescian (Inf)

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    I am curious which prostitute;s head will roll first.
     
  3. Debonerman

    Debonerman Alfrescian Old Timer

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    Not Chua and Sumiko the hard rock cheebyes.
     
  4. steffychun

    steffychun Alfrescian Old Timer

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    LG? Air Con?
     
  5. MyMother

    MyMother Alfrescian Old Timer

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    This fatty is a shinigami.
     
  6. kelton65

    kelton65 Alfrescian Old Timer

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    Seems like porky isn't suited for technical fields but more suited to publishing PAP propaganda.
     
  7. zhihau

    zhihau Alfrescian (InfP) + S-Mod Old Timer

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    Hmm... Nazi Germany was close to that of a militarised state...
     
  8. creampie

    creampie Alfrescian Old Timer

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    seems like the only way this fat fuck can generate income is by selling assets.

    Stupid misleading pap fake news. One off profits by sale of assets that harm future cash flow is a bad sign in the long term

    Sph is going the way of NOL.

    Do good do together. Majulah PAP.
     
  9. theblackhole

    theblackhole Alfrescian (InfP) Old Timer

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    sph will survive lah
    the only greatest paper around
    nothing can ever beat sph
    the world's truthful and wonderful great paper
    the writers are world class
    their English are whore class
    everything they write and publish are whore class
    uno uno uno the best in the world!!!
     
  10. MyMother

    MyMother Alfrescian Old Timer

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    I can't wait to see him join PAP as a minister, he alone can jinx the whole team.
     
  11. hofmann

    hofmann Alfrescian Old Timer

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    There is a correlation between profitability and press freedom ranking.
     
  12. Leongsam

    Leongsam Administrator Staff Member Old Timer Old Timer

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    The ones with the loose cheebyes.
     
  13. steffychun

    steffychun Alfrescian Old Timer

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    Is this Kim Jung-un in disguise?
     
  14. JohnTan

    JohnTan Alfrescian (InfP) Old Timer

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    I've bought 100,000 shares of SPH as a sign of my confidence in Ng Yat Chung's leadership.
     
  15. bobby

    bobby Alfrescian Old Timer

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    If you are the only supplier of newspapers to a population of 5m and yet you cannot make a profit.....
     
  16. JohnTan

    JohnTan Alfrescian (InfP) Old Timer

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    [​IMG]

    Addressing SPH employees on Thursday morning at a town hall at the News Centre in Toa Payoh North, which lasted at least three hours, chief executive Ng Yat Chung cited a Chinese proverb in explaining the rationale for bringing forward the timeline.

    “We have decided as a leadership team, rather than drag this process over two years, let’s get it done…Chang tong bu ru duan tong (let’s not prolong the pain). Get this unpleasantness behind us and hopefully, we won’t have to touch this topic again for a long time.”

    David Teo, president of the Creative Media and Publishing Union (CMPU), which represents SPH staff among others, said CMPU is working with NTUC’s e2i to help affected workers with job placement assistance. “The union has been working closely with the management to ensure that workers are given a fair retrenchment package to tide them through this tough period,” said Teo.


    https://sg.news.yahoo.com/uncertainty-worry-sph-accelerates-job-cuts-093354719.html
     
  17. hofmann

    hofmann Alfrescian Old Timer

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    Have you heard of the godwin's law?

    This discussion has been godwinned. :)
     
  18. zhihau

    zhihau Alfrescian (InfP) + S-Mod Old Timer

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    Heil Hitler! :rolleyes::rolleyes::rolleyes:
     
  19. Leongsam

    Leongsam Administrator Staff Member Old Timer Old Timer

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    Since the employees are used to being prostitutes I'm sure they'll have no problem becoming prostitutes after they're fired.
     
  20. myfoot123

    myfoot123 Alfrescian (Inf)

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    At least they are a free journalist now, go online and whack PAP. No more fear, unlike when they were still working for Shit Times.
     

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