"What we need to do this year, under the unclear economic and political picture, is to cut costs. Indeed, our printing business is doing fine. But we will have to stop losses from the broadcasting business," he told shareholders.

Among the non-core assets is a land plot at Bangna-Trat kilometre 29 where the printing house is located. Thanachai said that while the printing house takes up 20 rai, the remaining 30 rai, facing the main road, was unused.

"If we are not making use of the land, we may consider selling the unused land," he said.

Last year, NMG posted a Bt332.07-million net loss, or Bt2.03 per share, against a net profit of Bt113.56 million, or Bt0.70 per share, in the prior year. Shareholders yesterday approved the omission of a dividend payment.

Suthichai Yoon, a director of the company who supervises the broadcasting business, said that the 24-hour television news service required high investment in terms of equipment.

As a result, the business has incurred losses. But he said that to cut losses, Nation Channel, the TV station of NMG, would shuffle its programming to focus more on news programmes rather than on around-the-clock news reporting.

"The new programming pattern will help reduce losses, as we can reduce the operating cost. Despite the change, our content will remain unchanged. I believe that the business will perform better in the next one or two years," Suthichai said.

Thanachai insisted that the broadcasting business would witness a lower operating loss this year and stop losing money next year.

"Overall, amid the upward interest-rate cycle, the company aims to reduce our debts to bring down interest expenses," he said.

The Nation