Cash-rich Sing Tao News Corporation (1105) fulfilled hopes of a special dividend by recommending two HK cents per share be paid on top of a final dividend of four HK cents.
The local media firm said net profit last year fell 46 percent year on year to HK$33.8 million as revenue dropped 14 percent to HK$1.6 billion, due mainly to weakness in the advertising market.
Basic earnings per share were 3.91 HK cents.
"We have focused on reforming our operations to align with the industry's changes and the effect of our efforts have progressively been realized, as can be seen from the results in the second half, which had stabilized compared with the first half and which had recovered to a level similar to the second half of 2015," said chairman Charles Ho Tsu-kwok.
Sing Tao's free Chinese-language newspaper, Headline Daily, generated the most advertising revenue last year in Hong Kong. The profitability of paid newspaper Sing Tao Daily remained relatively stable last year, thanks to optimized operational efficiency and sharing of resources.
"The group is committed to enhancing its print media strength while increasing its digital services appropriately to ensure that we remain a major player in this market," said Ho.
Meanwhile, Television Broadcasts (0511) said net profit slumped 62 percent to HK$500 million from HK$1.3 billion a year earlier.
Revenue from continuing operations fell 5 percent to HK$4.2 billion despite a net exceptional gain of HK$115 million from the sale of its remaining stake in a Taiwan TV operation and after an impairment loss relating to its pay-TV business. Earnings per share fell to HK$1.14. No final dividend was recommended.
"We are experiencing one of the most difficult operating environments in our history," said chairman Charles Chan Kwok-keung.
"The firm has strategically extended distribution of programs into digital new media in Hong Kong and overseas," he said.
