Oriental Press profit plummets

Publisher Oriental Press Group's profit tumbled 99 per cent to $1.69 million for the six months to September, down from $160.31 million a year earlier. Earnings per share were 0.1 cents, compared with 11 cents last year. No interim dividend will be paid. The slump was due to a $36 million investment in a new publication and a drop in advertising sales, which saw turnover fall 4.3 per cent to $874 million. There was an exceptional gain of $15 million, compared with a $37 million exceptional gain a year ago.