SINGAPORE: Singapore Press Holdings (SPH) announced Monday that it would cut up to 10 percent of its staff following news of plunging profits, in the latest sign of tough times for global media organisations.
The Asian media giant, which publishes The Straits Times newspaper, said the cuts would happen through "attrition, retirement, non-renewal of contracts, outplacement and retrenchment" over a two-year period.
The announcement came after locally listed SPH, which employs more than 4,000 people, declared a 17.5 percent fall in profits to Sg$265.3 million ($190.8 million) in its financial year ending August 31.
Most of the losses came from its media division, which accounted for 72 percent of the group's operating revenue of Sg$1.15 billion during the period, down 4.3 percent from the year before.
"We have had to take difficult decisions on cost control measures to improve operational efficiency. We will continue to innovate and invest in our media products to stay ahead and relevant," said SPH chief executive Alan Chan.
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