For starters, it allotted $7.2m for retrenchment and outplacement benefits.
Singapore Press Holdings reported a 44% decline in net profits for 1Q17, down to $45.7m. Aside from its lacklustre ad business, it has suffered a one-off charges of $15.9m for the review of its media business, leading to a lower bottom line.
According to CIMB, SPH embarked on a review of its media business in view of the structural challenges in the industry. It revealed that $7.2m was charged to SPH for the retrenchment and outplacement benefits as part of a right-sizing exercise which aims to cut its workforce by 10% over two years.
More so, SPH also suffered a $2.6m impairment charge a printing press line due to capacity optimisation. Lastly, a SPH also incurred a $4.8m charge for the restructuring of an associate in the video business.
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