Singapore Press Holdings has posted a full year profit of SG$431 million, a 25 per cent drop on the equivalent period last year.
Revenue for the year was down 2.6 per cent, with newspaper and magazine revenue down by $40 million or 3.9 per cent.
Despite the falls in revenue and the lower profits, Singapore Press Holdings chief executive officer Alan Chan said the group was looking to cut costs with the help of consultants.
“We have engaged a strategy consultant and work has been ongoing for the last six months with various teams working on several initiatives,” Mr Chan said.
“Good progress has been made.
“We have identified various initiatives which, when implemented, would generate cost savings of about $19 million a year.”
Similarly, he said the company was looking to invest in new initiatives to try and bring new revenue streams, including investing in potential start-ups.
“Amid a challenging environment of evolving media consumption behaviour, the group is reviewing new growth opportunities whilst exploring ways to reinvigorate its core media business,” he said.
“To grow our media business, I am pleased to add that we will be establishing a $100 million ‘new media fund’ to invest in media-related businesses.
“These investments will play a critical role to support our aspiration to be the leading multi-media company in Asia.”