KINIBIZ Berita Publishing Sdn Bhd, one of the oldest publishers in the country, is opting out of the magazine publishing business, a company official says today.
Sources had earlier told KINIBIZ that staff of the company’s various magazines had been laid off and given compensation and that the company was likely closing down for good.
However, Berita Publishing executive director Juhaidi Yean Abdullah told KINIBIZ that the company is not closing down. “We have ceased to publish the magazines,” he said over the phone.
Commenting on the reasons the company is pulling out of the magazine business, Juhaidi said that it is because of a general business downtrend and the imposition of the goods and services tax (GST) on magazines.
He explained that since April, many retailers have not been carrying magazines on their shelves due to upgrading their cashier machines following the GST regulations.
“They (retailers) have been given a grace period up to September-October to upgrade their cashier machines. In the meantime, magazines don’t get sold and have been returned and this is not profitable for us,” Juhaidi said.
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