Singapore, 28 September 2008 - After almost five years since the last adjustment in 2004, Singapore Press Holdings (SPH) today announced price increases for some of its newspapers. The changes will take effect from 1 October 2008.
SPH will continue to absorb the goods and services tax (GST). It has done so since the GST´s introduction in April 1994. This costs the group $13 million annually.
The subscription and newsstand prices of The Straits Times and The Sunday Times, currently at 70 cents and 80 cents respectively, will increase by 10 cents for the Sunday to Friday editions, and by 20 cents for the bumper Saturday edition.
The Business Times, currently priced at 85 cents, will go up by 10 cents for subscription copies and by 15 cents for newsstand copies. The last price revision for this paper was in February 1995.
Chinese daily Lianhe Zaobao will be priced at 75 cents for subscribers and 80 cents at newsstands, up 5 cents for both categories.
For the two evening dailies, Lianhe Wanbao and Shin Min Daily, the price revision will be 10 cents. Currently, the two papers sell at 65 cents each for subscribers and 70 cents each at newsstands.
Berita Harian, the group’s Malay daily, will raise its price for only its Saturday edition, by 10 cents for both subscription and newsstand copies, up from the current 45 cents and 50 cents respectively. There will be no price adjustment for Berita Harian from Monday to Friday, and for the Sunday edition, Berita Minggu.
There will also be no price revision for The New Paper and Tamil Murasu, for both their weekday and Sunday editions.
SPH´s bilingual product, mypaper, will continue to be distributed free. The group´s suite of new online products - such as zaobao.com, omy, STOMP, ST RazorTV and ST Breaking News - will also continue to be free. The subscription prices for ST Digital and BT Online will remain unchanged.
SPH CEO Alan Chan said: “This is only the third price revision in 23 years for our print products. We have tried to contain costs, but newspaper production expenses have gone up steeply, in particular the US dollar price of newsprint has almost doubled since 2004. The impact has been considerable, as evident in newspaper publishers around the world also increasing their cover prices, some as early as last year."
Even as newsprint and production costs have spiralled upwards, SPH has stayed firm in its commitment to deliver quality publications to its readers and has continued to invest in the business.
Added Mr Chan: "SPH is committed to giving value for money for all our products. We continually strive to improve our newspapers with regular redesigns, content, improvement and upgrading of our printing facilities. We have also launched many new products - such as mypaper, omy, STOMP, ST RazorTV and ST Breaking News. We will remain a dynamic player on the media scene with a wide range of quality products and platforms to serve our consumers and advertisers."
Mr Chan noted that, even with this latest round of price increases, SPH´s newspapers are still among the lowest priced compared to equivalent newspapers in the region and worldwide.
Issued by Singapore Press Holdings Ltd
Co. Regn. No. 198402868E
For more information, please contact:
|Chin Soo Fang
Corporate Communications Division
DID: 6319 1216
|Selina Esther Lim
Corporate Communications Division
DID: 6319 1872
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, 2.9 million individuals or 81 percent 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 150 million pageviews with 9 million unique visitors every month. Apart from SPH AsiaOne portal, SPH’s online and new media initiatives include a revolutionary mobile advertising and information service, ZapCode; 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, 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 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 FM in Mandarin and Radio 91.3 FM 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.
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, is also developing a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road.
Visit www.sph.com.sg for more information.