After accounting for taxation, net profit declined 3.6 per cent to US$301 million from last year’s US$312 million.
Alan Chan, CEO of SPH, said in his opening remarks: “2009 was a difficult year with the world economy undergoing its deepest recession in the last 50 years and many companies suffering large losses. Given the circumstances, SPH did well with 2009 profits just a shade below that of 2008.”
Alan Chan, CEO of SPH, said in his opening remarks: “2009 was a difficult year with the world economy undergoing its deepest recession in the last 50 years and many companies suffering large losses. Given the circumstances, SPH did well with 2009 profits just a shade below that of 2008.”
On the outlook for its next financial year, Chan added: “Business outlook remains uncertain although there are signs of a gradual recovery. Our advertisement revenue, which saw some improvements in recent months, is expected to move in tandem with the economy.”
Chan concluded that the company would look to diversify its operations due to the decline in print ad revenue and the maturity of its domestic market. “We will continue to monitor our cost levels closely while devoting resources to build up capabilities in adjacent businesses and grow beyond print and Singapore.”
In August, SPH launched a brand campaign for The Straits Times, the city-state's most widely read newspaper.
