SING TAO recorded revenue of HKD 777 million last year, with significant growth in new media views

Sing Tao recorded revenue of HKD 777 million last year, with significant growth in new media views Sing Tao News Corporation (1105) announced its annual results today, reporting a revenue of HKD 777 million for the year ending December 31 last year, a decrease of 5.2% year-on-year. The loss attributable to shareholders was HKD 84.25 million, which included approximately HKD 60 million related to depreciation expenses for properties, plants, and equipment. The group pointed out that the total number of users and views across all new media platforms continued to grow significantly, maintaining its leading position in the print media market. Significant Increase in New Media Users The group's losses expanded year-on-year, mainly due to its U.S. subsidiary receiving a one-time subsidy from the U.S. government for the "Employee Retention Tax Credit" related to the COVID-19 pandemic in 2023, while there were no such subsidies last year, leading to a higher comparative base. Additionally, the market environment last year was not ideal, which also impacted the group's overall revenue to some extent. The loss attributable to shareholders was HKD 0.0957 per share, and the group announced that no final dividend would be distributed. In terms of new media business, the group continues to optimize the "Sing Tao Headlines" website and the "Sing Tao Headlines" app to provide users with the best browsing experience, achieving significant results. During the year, the total number of users and views across all new media platforms continued to grow significantly. At the same time, the "Sing Tao Global" platform aimed at mainland China has also been newly upgraded and revamped, further enhancing its bridging role and helping to expand into the Greater Bay Area and mainland markets. Newspaper Advertising Revenue Outperforms the Market As for the newspaper business, although admanGo advertising data shows that advertising spending on paid newspapers is expected to decrease by about 3.9% year-on-year in 2024, the advertising revenue of the "Sing Tao Daily" still slightly outperformed the market. The market share of the "Headlines Daily" continues to lead, with circulation and advertising volume remaining at the top among free newspapers in Hong Kong. Last year, the total advertising spending on free newspapers significantly declined year-on-year, but "Headlines Daily" maintained stable advertising revenue through innovative business models and diversified business expansion, particularly in the tourism, dining, and retail sectors. East Week Advertising Revenue Soars by 10% As for the only English free newspaper in Hong Kong, "The English Tiger," its advertising revenue decreased last year, but it still far outperformed the overall free newspaper market. The advertising spending in the Hong Kong magazine market fell by 12.1%, but the group's flagship magazine "East Week" recorded a 9.2% increase in advertising revenue, continuing to hold the largest market share in magazine advertising Looking ahead, the group stated that it will actively seize new opportunities brought by industry changes, continue to promote digital transformation and technological innovation, while consolidating its leading position in the traditional media market, deeply exploring brand value and content resources, optimizing cost structure, and enhancing profitability