SINGAPORE -- Singapore Press Holdings, the publisher of the city-state's largest newspaper, The Straits Times, said on Oct. 17 it will shed up to 10% of its approximately 4,200 staff members over the next two years to cut operating costs.
The company has been suffering from declining advertising revenue and circulation amid an onslaught from emerging online media. Net profit for the year ended in August dropped 17.5% to 265 million Singapore dollars ($189 million), while revenue fell 4.5% to S$1.12 billion despite being propped up by the company's property business, whose revenue grew 4.6% to S$241.3 million.
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