It intended to cut its staff costs by 10% to improve earnings.
For its 1Q2018 results, Singapore Press Holdings (SPH) saw its staff costs fall 5% YoY as it achieved its headcount reduction target.
Singapore Business Review previously reported that SPH intended to reduce its staff count by 10% in order to improve earnings.
According to UOB Kay Hian, excluding headcount from new acquisitions, staff strength stood at 3,783 vs 4,182 in Aug 2016.
Annualised unit cost per headcount was also lower at $80,000, down by 9% YoY.
UOB Kay Hian Foo Zhi Wei said, "Headcount is expected to increase slightly from current levels as SPH hires for its digital initiatives, but we do not expect a significant uptick in staff costs."
More From Singapore Business Review