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Fierce competition saw losses at Sing Tao associate, publisher Culturecom Holdings, widen by 50 per cent to $28.39 million in the six months to September.
Chairman Tang Lap-yan said yesterday that advertising income at Chinese-language daily Tin Tin Daily News slid 20 per cent along with decreasing advertising from the property, retail, consumer and travel sectors.
He said advertising income was unlikely to improve in the next six months in the face of the depressed economic climate.
The company's comics division performed disappointingly as serialisations for Japanese comic titles in Hong Kong petered out.
Turnover fell 9.35 per cent to $162.44 million.
Losses per share deepened 50.8 per cent to 2.61 cents.
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