SCMP soars back into profit
Hong Kong - The South China Morning Post Group (SCMP Group) has bounced back into profit for the first half of 2010 as a result of careful cost management and a higher volume of advertising.
The group reported 'significantly improved' operating results as revenue rose 22% to HK$412 million and net profit jumped to $52 million from a $15 million loss a year ago.
The newspaper publishing division, which generated 83% of the revenue, has seen its advertising and marketing income increase 32%, driven by a higher volume of display advertising, notices advertising and customised publishing.
Unaudited circulation of South China Morning Post and Sunday Morning Post remained stable at 101,800 and 77,400, a slight 1% and 2% increase from the same period last year.
Kuok Hui Kwong, managing director and CEO of SCMP Group, said cost management, product quality and innovative advertising solutions have enabled the group to recover from the turbulent economy of 2009.
"However, we are cautious and will continue to remain cost conscious and efficiency driven as we approach the second half of the year," she said.
The SCMP Group is also 'aggressively developing new revenue sources from consumer products'. The iPad edition of the SCMP launched in July, for example, has been downloaded by over 18,000 unique users in a month.
Anne Wong, director of marketing for SCMP, said: "We intend to continue offering it free of charge for the time being to enable the growing population of iPad owners to try our product with no obligations."
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- South China Morning Post Publishers
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