Singapore, 13th October: Singapore Press Holdings Limited (SPH), a Singaporean media company, has recently released its financial results for the year ended 31st August 2020. Due to the COVID-19 pandemic, the company posted a net loss of S$83.7 million (US$61.6 million), compared with a net profit of S$213.2 million (US$156.9 million) last year.

Revenues in the year fell by 9.8%, down to S$865.7 million (US$637.1 million). SPH’s media business generated revenues of S$445.1 million (US$327.6 million), down nearly 23% year-on-year. The decrease was mainly due to the decline in revenue from newspaper print ads, which fell by 33%.