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Higher staff costs and a decline in property investment gains shave 41pc off the group’s interim earnings as magazine advertising boosts revenueSCMP Group, the publisher of the South China Morning Post, posted a 41 per cent drop in first-half net profit to HK$105.迷你倉新蒲崗2 million from a year earlier as staff costs rose and gains booked on property investments fell.Revenue increased 11 per cent year on year to HK$509.1 million in the six months to June, driven by higher advertising sales from its magazine publishing business and higher rental income from investment properties, the company said in an interim results statement.The group publishes the South China Morning Post, Hong Kong’s only paid-for English-language newspaper, Chinese-language versions of Cosmopolitan and Harper’s Bazaar magazines, and the Hong Kong edition of ELLE magazine.Staff costs rose 26 per cent to HK$236.9 million in the first half. The group had 966 employees, up from 939 at the end of 2012.The statement said revenue from newspaper publishing was static, constrained by a slowdown in the local economy and an inactive recruitment market.The group said it would continue to strengthen its product portfolio and brands to develop new revenue streams.It pointed to an exclusive interview with US data leaker Edward Snowden in the summer, which drew record numbers of visitors to s迷你倉出租mp.com, as a sign of the global brand recognition the group’s editorial department was determined to deliver.Earlier this year, the group launched SCMPChinese.com in its first foray into online Chinese-language news, and it will introduce in the second half a new South China Morning Post HTML5 tablet edition to replace the existing free iPad app.Online advertising revenue grew 19 per cent and remained on an upward trend, while circulation was stable despite an increase in the price of the South China Morning Post in print and online.The statement said the outlook remained cautious amid signs of advertising activity in the banking and finance and overseas property sectors.It said that while some fashion brand advertisers were spending, the retail business remained lethargic and the outlook for initial public offerings was still soft for the coming six months.Total newspaper revenue fell 1 per cent to HK$365.5 million.The company declared an interim dividend of two HK cents per share.Trading in SCMP shares has been halted since February 26 after the group’s public float fell to 10.6 per cent, below the minimum requirement of 25 per cent. Kerry Media, the controlling shareholder, exercised its rights to 14.4 per cent of the firm’s issued share capital held by three banks.Before the suspension, the stock had gained nearly 20 per cent this year.儲存倉