Sing Tao News Corporation (1105) saw its first-half net loss narrow by about 3 percent to HK$45.5 million from one year ago, thanks to the stringent cost-control measures amid the weak advertising demand.
The interim revenue decreased by 7.7 percent year-on-year to HK$350.4 million, as the advertising and retail-related businesses came under pressure due to the weak market conditions in the first half.
But the costs of sales were trimmed by 5.3 percent to HK$255.8 million on the company’s cost control moves, including ongoing optimisation of workforce allocation and cost structure and focusing on high-efficiency businesses.
Besides, Sing Tao facilitated the digital transformation steadily, which is expected to lay a solid foundation for future business growth.
As over half of advertising budgets in Hong Kong were allocated to the online channels, Sing Tao kept enhancing the functionality of its website and mobile app and made use of artificial intelligence and big data to enhance the news production process.
The Standard, Hong Kong’s only free English Newspaper, revamped its website and mobile app in April and is striving to expand into overseas markets with content tailored for international travellers and imported professionals.
STAFF REPORTER
