Sing Tao sees revenues grow

Hong Kong based Sing Tao News Corporation, publisher of free dailies Headline Daily and The Standard and paid daily Sing Tao Daily, saw first half-year revenue increase with 13.6 percent to HK$1.21 billion (€110m), thanks to growth in advertising.

Headline Daily “outperformed the market average” according to a company statement.

Profits, however dropped from almost €10m to €2m because of less return on investments and changes in stock-exchange regulations. Companies were no longer obliged to publish notices in the financial paper – it resulted in €4m less revenues.

As a reaction the Standard went to a free model, but “progress under the new model has been encouraging” according to the publisher. (The Standard via EditorsWeblog)

In 2007 Headline Daily, launched in 2005, already “became an important contributor to the Group’s turnover and profit in its second full year of operations” according to the annual report. It has a circulation of 700,000 and reports a readership of 1.7 million.

The Standard now has a circulation of more than 200,000.

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