SPH trims headcount in bid to rein in soaring costs

Staff costs fell in Q1.

Singapore Press Holdings’ concerted effort to manage costs is bearing fruit on its profits, according to a report by OCBC.

For instance, SPH’s staff costs fell 0.8% to $92.1m in the first quarter, on back of a slight decline in the number of staff.

SPH’s total headcount dropped to 4,273 in the first three months of its financial year, compared to 4,317 in the same period last year.

SPH has been grappling with a steady decline in print circulation and ad revenue. Total newspaper ad revenue dropped 11.9% year-on-year during the quarter, while display and classified ads similarly fell 12.5% and 10.3%.

SPH’s total costs dropped 1.2% year-on-year.

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