The Jolt: Gamble on the future

Media giant, Singapore Press Holdings (SPH) has officially opened its new $5.5 million warehouse which CEO Alan Chan believes helps position the company for the future.

"Newspapers are the core of SPH's business," he said.

"Over the years, the company has consistently improved our suite of newspapers, launched new ones, and invested in our printing capabilities. Our readers and advertisers have come to expect the highest quality for both content and print. At a time when companies are cutting back on investments, SPH is positioning itself for the future."

The new warehouse can hold up to 9,000 metric tons of newsprint. The SPH Print Centre now has three warehouses with a combined storage capacity of 36,000 metric tons, or about four months' worth of newsprint supply, on site. This, SPH says, makes it possible to stock its newsprint at an optimal level. And since there is no longer a need for external storage space to complement the existing warehouses, SPH expects there will also be substantial savings on rental, transportation and handling costs.

The news follows shortly after SPH reported a further loss of 13.5% in revenues for the newspaper and magazine segment for the second quarter ending 28 February 2009.