SPH to cut 230 jobs, 130 of these will be retrenchments
From spreading out job losses over two years to making the cuts by 2017.
Singapore Press Holdings (SPH) has brought forward its planned staff cuts slated for 2018 to this year-end.
What was initially a two-year plan has been shortened to one year. This will complete the 10 percent staff cut first announced in October 2016.
Headcount will be reduced by 230.
This figure of 230 includes 130 employees who will be retrenched.
The remaining job reductions will result from retirement, termination of contracts and roles that will be eliminated as a result of the restructuring of work processes.
Hardest hit: Newsrooms and sales
This job cuts will see a total of 15 percent of the staff in the newsrooms and sales operations being reduced.
This will incur retrenchment costs of about S$13 million in the current quarter.
The wage bill could decline by about 8 to 9 percent as a result of these cuts.
SPH chief executive Ng Yat Chung made these announcements and gave the results briefing at the group’s Toa Payoh North office on Oct. 11, 2017.
Ng took over as SPH CEO only in September.
Retrenchments one year in the making
In October 2016, SPH confirmed plans to cut its workforce by up to 10 percent by 2018.
The merger of tabloids My Paper (MYP) and The New Paper (TNP) was also announced then.
As of end-August 2016, SPH had a workforce of 4,182.
Here are SPH’s results in point form:
→ Full year net profit rose 32 percent to S$350.1 million from the previous financial year
◘ Up S$84.8 million or 32 percent rise in full-year net profit
◘ This is due to a gain of S$149.7 million from the sale of its online classifieds business
◘ And a S$57.4 million fair-value gain from investment properties
→ But group operating revenue fell by 8.2 percent to $1.03 billion
◘ Advertising revenue fell by S$103 million, or 16.9 percent
◘ Circulation revenue fell by S$8.7 million, or 5.1 percent
◘ Property segment, revenue rose S$2.8 million, or 1.2 percent
◘ S$96 million charge incurred from impairing its magazine business and from writing down printing presses and investments in associates
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