The company has a stable of 14 newspapers in four languages and over 90 magazine titles in Singapore and the region. The additional cost to SPH of absorbing the 2 per cent GST hike is estimated to be about $4million a year.
Mr Alan Chan, Chief Executive Officer of SPH, said, " We have been absorbing GST on our newspaper and magazine sales since it was implemented in 1994. We will do the same when the GST rate goes up to 7% from 1 July 2007. This is assurance to our readers that they can keep reading us at affordable prices.”
Mr Robin Hu, Executive Vice President of Newspaper Services, added, "It should be comforting for our readers to know that they can continue to get a copy of their favourite newspapers at prices no more than what they would pay for their beloved cup of coffee."
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About Singapore Press Holdings Ltd
Newspapers and Magazines
Main board-listed Singapore Press Holdings Ltd (SPH) is the leading media company in Singapore, delivering news and information through print, Internet and broadcasting platforms. In Singapore, it publishes 14 newspapers in four languages. Every day, 2.7 million individuals or 83 percent of people above 15 years old, read one of SPH’s news publications. SPH also publishes over 90 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 100 million pageviews with 6 million unique visitors every month. SPH’s online and new media initiatives include a revolutionary mobile advertising and information service, ZapCode; recruitment and job search service, ST701; and STOMP (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Web and via mobile phone messaging.
SPH has a 20 percent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40 percent stake in MediaCorp Press Pte Ltd, which publishes the free newspaper, Today. In the radio business, SPH has a 80 percent stake in SPH UnionWorks Pte Ltd, which operates entertainment stations Radio 100.3 in Mandarin and Radio 91.3 in English.
In addition, SPH has ventured into outdoor advertising through its wholly-owned subsidiary, SPH MediaBoxOffice Pte Ltd, Singapore’s largest outdoor motion display advertising network media company, and a 35 percent stake in TOM Outdoor Media Group, a leading outdoor advertising company in China.