Singapore, 1 December 2009 - Singapore Press Holdings Limited (SPH) today announced to its staff that it will restore 50% of the pay cuts introduced in April this year. In addition, SPH will give special one-off amounts to staff to thank them for the sacrifice and contributions they made.
In March, SPH announced pay cuts of between 2% and 10% of basic monthly salaries, depending on salary levels. The pay cuts, effective 1 April, 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. They followed a range of other cost-cutting measures implemented by SPH earlier.
Mr Alan Chan, Chief Executive Officer of SPH, said: “2009 has been a difficult year with the world economy undergoing a deep recession, not seen for many years. SPH had to take quick pre-emptive measures by cutting wages, operating costs and budgets. These helped us weather the financial storm. “
"Singapore’s GDP has since seen a strong rebound in the third quarter of 2009 with 14.9% quarter-on-quarter growth. And in the Group's announcement of its financial results for the year ended 31 August 2009, SPH said that in spite of the challenging conditions faced during the financial year, the Group delivered a net profit of $421.9 million, augmented by profits from the Sky@eleven project. Given the circumstances, SPH has done well in the financial year 2009. I would like to express my deepest appreciation and thanks to all staff for their contribution and dedication."
Mr Chan also thanked the SPH unions for their understanding and cooperation. He said the 50% per cent pay cut restoration would be effective from 1 January 2010, and the special one-off amounts would be paid at the end of January.
Mr Chan added: "The business outlook remains uncertain despite there being signs of a gradual recovery. Our advertisement revenues, which saw some improvement in recent months, are expected to move in tandem with the economy. We will have to monitor our cost levels closely while at the same time continuing to exploit opportunities to grow beyond print and beyond Singapore.”
Issued by Singapore Press Holdings Ltd
Co. Regn. No. 198402868E
For more information, please contact:
Chin Soo Fang
Corporate Communications Division
Singapore Press Holdings
Tel: 6319 1216
Fax: 6319 8150
About Singapore Press Holdings Ltd
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) celebrates its 25th anniversary this year. 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 150 million pageviews with 9 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, 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, U and TV Mobile, 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 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.
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.
As an industry leader, SPH is an active corporate citizen and supports a wide range of community and charitable causes, ranging from education, arts and culture to conservation and sports. For its contributions to the community, SPH was named the Top Corporate Giver by the National Volunteer and Philanthropy Centre in 2005 and has been bestowed the Distinguished Patron of the Arts award by the National Arts Council every year since 1993. It also received the Partner of Heritage award at the 2008 Patron of the Heritage Awards ceremony organised by the National Heritage Board.
For more information, please visit www.sph.com.sg.