SINGAPORE: Singapore Press Holdings Ltd (SPH) said yesterday it has laid off 111 employees about 3% of its 3,700 staff and is not ruling out further retrenchments if the economy worsened and business was hit.
It said the business environment remained difficult and uncertain following the Iraq war and the SARS (Severe Acute Respiratory Syndrome) outbreak.
SPH spokeswoman Irene Ngoo said the retrenchments would cost the company S$7.2mil in compensation expenses, but were expected to save S$5.7mil annually.
SPH reported a 67.8% annual increase in net profit for the half-year ending February to S$273.5mil.
The result, which is near the low end of analysts' forecasts, was boosted by an exceptional gain from the sale of its stake in cellular phone company MobileOne Ltd. AFX
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