Sing Tao solidifies market position

Sing Tao News Corporation (1105), the parent of The Standard, recorded a revenue of HK$777.2 million last year, down by 5.2 percent from a year ago.

Its net loss widened by 71 percent to HK$84.25 million, primarily due to the absence of a HK$19.5 million one-time US subsidy it received in 2023. The loss also included a depreciation charge of approximately HK$60 million for property, plant and equipment.

The group's flagship magazine, East Week, recorded a 9.2 percent increase in advertising revenue, maintaining its leading position in terms of advertising market share, although the advertising spending in the Hong Kong magazine market saw a significant decline of 12.1 percent in 2024.

The group places significant emphasis on the development of its new media business, which led to material growth in both the total user numbers and page views across the new media platforms, the filing said. The Standard "significantly" outperformed the broader free newspaper advertising market, despite a decline in advertising revenue.

The Chinese newspaper Sing Tao Daily's advertising revenue slightly outperformed the market thanks to the gains from the travel and related industries.

The free Chinese publication Headline Daily maintained stable advertising revenue through innovative business models and diversified business expansion, particularly in sectors such as travel, dining and retail.

Staff reporter