Sing Tao slips into the redBusiness | Stella Zhai 31 Mar 2020
Sing Tao News Corporation (1105) posted a net loss of HK$22.67 million in 2019 compared with a net profit the year before, with advertisement revenue sliding 14.4 percent from the previous year to HK$964 million.
Losses per share were 2.61 HK cents with no final dividend declared, the first time since 2005. Revenue shrank by 12 percent year-on-year to HK$1.26 billion.
The company has cut salaries by up to 15 percent, with senior management taking cuts of 25 percent.
Sing Tao said it plans to restructure its magazine unit to focus on the infotainment category, adding that the operations of JET and Spiral magazines were outsourced under license from the beginning of this year.
It predicts business conditions will not improve soon but the softening of newsprint prices would help save production costs.
The company had 1,425 employees as of the end of last year.