SPH drops media business
This is the result of a restructuring effort by the group.
In an announcement released on 10 September, Singapore Press Holdings (SPH) confirmed the dropping of their media business.
The company attributed this as the result of a restructuring effort to increase SPH’s value. While SPH is to assist with the operation and maintenance of the business with an initial fund of $80m, the efforts will allow the company to avoid any potential losses and future funding requirements.
According to the answers given by the company to its investors, another reason for this is the decrease in operating revenue due to declines in print advertising and print subscription revenue.
A tax loss of $9.7m was recorded for the six months until 28 February 28. This decline is expected to continue.