Singapore, 13 October 2010 - Singapore Press Holdings Limited (SPH) today announced to its staff that it will restore the remaining portion of the pay cuts introduced in April 2009. In addition, SPH will give a special one-off sum to staff to thank them for the sacrifice and contributions they have made. These payments will take effect by January 2011 and will effectively restore the pay cuts in full. They will be paid together with the usual increments, and profit and performance related bonuses.
In March 2009, SPH announced pay cuts of between 2% and 10% of basic monthly salaries, depending on salary levels. The pay cuts, effective 1 April 2009, did not affect staff earning $2,000 or less in monthly pay. The pay cuts were implemented in the face of a weaker advertising market and uncertain business environment resulting from the worldwide financial and economic downturn in 2008 and 2009.
In January this year, SPH restored 50% of the pay cuts and also made special payouts to staff who had taken a pay cut in 2009 . In July 2010, SPH again made another special payout to staff for the pay cut sustained in the first half of 2010.
Mr Alan Chan, Chief Executive Officer of SPH, said: “2009 was a difficult year for many companies in Singapore and worldwide. SPH reacted promptly by implementing cost-cutting measures, which included wage cuts across the board. This has helped the Group in maintaining its profits in the last financial year."
"We announced yesterday that the Group's recurring earnings for the year ended 31 August 2010 hit a record high of $539 million. Net profit after tax also improved to $498 million. The outstanding results achieved must be attributed to the hard work and dedication of the staff and I would like to express my heartfelt gratitude to all of them."
Mr Chan also thanked the SPH unions for their understanding and cooperation.
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About Singapore Press Holdings Ltd
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) celebrated its 25th anniversary in 2009. It is Southeast Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms.
Newspapers and Magazines
In Singapore, SPH publishes 17 newspaper titles in four languages. Every day, 3 million individuals or 79 per cent of people above 15 years old, read one of SPH's news publications. SPH also publishes and produces more than 100 magazine titles in Singapore and the region, covering a broad range of interests from lifestyle to information technology.
Internet and Mobile
Beyond print, the Internet editions of SPH newspapers enjoy over 225 million pageviews with 15 million unique visitors every month. Apart from SPH AsiaOne portal, SPH's online and new media initiatives include an online marketplace for products, services and employment, ST701; local search and directory engine, rednano.sg; Stomp (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Web and via mobile phone messaging; omy.sg, a bilingual news and interactive portal and The Straits Times RazorTV, a free access interactive webcast service offering live chat shows and video-on-demand clips.
SPH has a 20 per cent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8 and U, and a 40 per cent stake in MediaCorp Press Limited, which publishes the free newspaper, Today. In the radio business, SPH has an 80 per cent stake in SPH UnionWorks Pte Ltd, which operates entertainment stations Radio 100.3 in Mandarin and 91.3FM in English.
Events and Outdoor Advertising
SPH’s events subsidiary Sphere Exhibits organises innovative consumer and trade events and exhibitions. In addition, SPH has ventured into out-of-home (OOH) advertising through its wholly-owned subsidiary, SPH MediaBoxOffice Pte Ltd, Singapore’s leading Digital Out-of-Home advertising company.
SPH owns and manages Paragon, the prime retail and office complex in the heart of Orchard Road, Singapore's main shopping belt. SPH's wholly-owned subsidiary, Times Development Pte Ltd, has also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road. The Clementi Mall, SPH's latest retail mall, will be operational in 2011.