Readers deserting SPH newspapers

This is bad for the company as they will have to increase staff costs by 2.6%.

Ad revenues dropped 1.3% in 3QFY12 driven mainly by weaker classified ad demand which fell 9% YoY.

According to OCBC Investment Research, circulation revenues also declined 2.2% YoY as broad volume declines across SPH’s papers.

TD 3Q12 staff costs, however, increased 2.6% YoY to S$272.3m due to bonus provisions and the ACP Magazines acquisition. Newsprint costs declined somewhat in 3QFY12 at US$677/MT versus S$$690 the
previous quarter.

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