MediaCorp, which has been producing the show for seven years, cited plunging viewership and declining sponsorship money.
The international Miss Universe contest will be held in Vietnam in July.
Ratings have been declining consistently over the last three years by up to 32 per cent compared with its peak, a MediaCorp spokesman told the newspaper.
"Sponsorship interest has also declined and it has been a show with negative returns for some years now," he was quoted as saying.
"While we do telecast shows even if they have negative returns, the significant fall in ratings and commercial support attests to a decline in viewer interest," he noted.
The show attracted 290,000 viewers in 2004, according to market research firm Taylor Nelson Sofres. The figure was down to 248,000 last year.
It reportedly takes about 750,000 Singapore dollars (555,000 US dollars) to produce the show.
The title's local franchise holder, event company Derrol Stepenny Promotions, has had to select the beauties, find sponsorship and put together a show on its own.
The organizers resorted to online forums, social networking site Facebook and modelling agencies to find applicants. He declined to reveal the final number. Last year it was more than 100.
"I just want the show to go on," said Daryl Pang, the company's business and promotions director, "as long as it's not cheap-looking and everyone enjoys the night."
All 20 tables at the hotel's ballroom costing between 2,000 Singapore dollars (1,481 US dollars) and 5,000 Singapore dollars (3,703 US dollars) have been taken, he said.
The winner will receive 5,000 Singapore dollars (3,703 US dollars) and 17,650 Singapore dollars (13,074 US dollars) in products and services.
Miss Singapore Universe 2007
Pang expressed hopes more sponsors will participate next year.
"Singapore is a small country," he was quoted as saying. "If we don't support one another, who is going to support us?"
http://www.earthtimes.org/
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