Publisher Sing Tao Holdings returned to profitability last year, but 43 per cent-owned associate Culturecom Holdings remained in the red.
Sing Tao, publisher of Chinese newspaper Sing Tao Daily News and English language daily Hongkong Standard , said it made an attributable profit of $26.93 million for the year to March, against a $146.42 million net loss in 1995.
Culturecom, which publishes Tin Tin Daily News , said its net loss for the year to March decreased 77.59 per cent to $15.54 million on sales that fell 34.66 per cent to $363.01 million.
During the period, Tin Tin Daily fell victim to fierce competition, suffering falling advertising income while Sing Tao's newspapers in Hong Kong fared better, with an overall 24 per cent growth in advertising income.
Sing Tao's operating profit stood at $62.58 million, against a previous operating loss of $96.39 million. Sales grew 20 per cent to $1.93 billion.
The operating profit was estimated to have included a $10 million charge to fold loss-making Sing Tao Evening Post in December. Chairman Sally Aw Sian attributed the profit recovery to growth in advertising income and falling newsprint prices.