Sing Tao's net loss widens

Staff reporter

Sing Tao News Corporation (1105), the parent company of The Standard, yesterday warned that its net loss is expected to increase by more than 73 percent year-on-year in 2024, citing the absence of a US subsidy it received a year ago and declining revenue as main reasons for the higher loss.

The media company expects to report a net loss of around HK$85 million in 2024 from a net loss of HK$49 million a year before.

Sing Tao attributed the higher losses to absence of a one-off grant from the US government in 2023, as well as decreased revenue due to unfavorable market conditions. The company plans to issue the final results by the end of March.

In 2023, its net loss had narrowed by 65 percent year-on-year, mainly due to its growing new media business transformation.

Shares of Sing Tao ended unchanged at HK$0.255 ahead of the announcement.