by Theleaders-Online | August 21, 2019 1:47 am
KUALA LUMPUR: The Utusan Melayu Berhad has decided to rescind their decision to close for good by opting to raise the prices of its dailies.
Group executive chairman Abd Aziz Sheikh Fadzir instead announced that Utusan Malaysia will be increased by 33 percent from RM1.50 to RM2 while the price of Kosmo will be increased by 50 percent from RM1 to RM1.50.
“If we are to rescue Utusan, we must return to a media business model. I ask that the people show their sympathy to Utusan by purchasing our newspapers and advertise with us.
“I explained that we will need a long time to balance our expenditure,” he told a press conference at the Utusan Malaysia headquarters yesterday.
Utusan staff were told of the decision to cease operations even as staff were not paid for a period of three months.
Aziz added that the company had to raise prices for both dailies to support its operational costs.
“With the increase, and based on an estimated monthly sale of 50,000 copies for Utusan Malaysia and 100,000 copies for Kosmo, we expect this would contribute about RM2.3 million per month for Utusan.
“Based on the latest report to Bursa Malaysia, we experienced a loss of RM3 million per month, but we expect to reduce our deficit to RM750,000 per month through newspaper sales.
“We hope the sentiment to help Utusan and to ensure it continues operations after 80 years in the community would materialise through sales, even though the price has been increased,” he said.
He also said that the group management agreed to pay 800 staff RM2000 as a short term measure.
“We have to raise the price of newspapers, and if readership is maintained or increased, and if the asset sale is completed, I’m confident we can pay the salaries on time,” he said.
He also spoke about the scepticism of investors.
“Several investors have shown interest, but when they see the projections and cash outflows each month, they get worried,” he said, adding that Utusan is open to merging with any media entity.
He also claimed that the management never interfered in the editorial decision under his leadership.
“Our platform is the people’s platform. We want to help put forward the people’s views, although when we do that, we are seen as opposing the government. That is not our agenda.
“We are not Umno’s mouthpiece. Umno had never interfered with editorial decisions. Utusan is free to write anything, but must be responsible,” he said.
Source URL: https://theleaders-online.com/utusan-malaysia-kosmo-make-a-comeback/
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