Sing Tao predicts HK$22m loss, cuts exec pay by 25pcBusiness | 21 Feb 2020 5:42 pm
Sing Tao News Corporation (1105) said it expects to record a net loss of HK$22 million, dragged down by lower newspaper advertising income.
The company is cutting the salaries of executive directors and senior management by up to 25 percent.
The reduction in newspaper advertising income was mainly due to the economic slowdown resulting from serious protests in Hong Kong in the second half of last year, global geopolitical uncertainties, and certain non-recurring expenditure items, the company, said.
Sing Tao said it will publish the full-year results in late March, and will implement various cost-saving measures including salary reduction of varying percentage given the adverse business environment.
Shares in the company stayed at HK$1.35.