SPH records first net loss of S$83.7 million for FY2020 as COVID-19 'severely disrupts' all business segments

SINGAPORE: Singapore Press Holdings reported its first net loss of S$83.7 million for the financial year ended Aug 31, as COVID-19 took a big bite out of all its business segments.Advertisement

SPH recorded an operating profit of S$110.2 million in FY2020, despite its performance in the second half of the financial year significantly affected by the"circuit breaker" period. "This was largely due to Newspaper print advertisement revenue which declined 32.9 per cent or S$99.1 million, as COVID-19 intensified the structural decline in the advertising sector," said SPH.

He said that SPH is"intensifying" its digitalisation efforts to transform the news content business in response to changing demands from its audience.

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