Postmedia reduces quarterly losses but revenue declines by 13.5 per cent
The Toronto-based owner of the National Post and other newspapers says it had a loss for the quarter ended Feb. 28 of $26.5 million or 28 cents per share
By The Canadian Press
Postmedia, one of Canada’s largest news media companies, is reporting a 13.5 per cent decline in second-quarter revenue but a much smaller loss than it recorded last year.
The Toronto-based owner of the National Post and other newspapers says it had a loss for the quarter ended Feb. 28 of $26.5 million or 28 cents per share.
That’s a turnaround from the loss of $225.1 million or 80 cents per share in the same period a year ago.
This year’s second quarter was free of any asset impairments, compared with a $187 million writedown last year.
Postmedia’s (TSX:PNC.B) bottom line was also helped by a $21.6 million decline in operating expenses, mainly due to cost-saving measures.
But the company’s total revenue fell by $28.3 million to $180.8 million, primarily because of falling print advertising.
Digital revenue rose by $2.6 million, or 10.3 per cent, to $28.1 million.
Like other media companies, Postmedia has been reeling from declines in print advertising and circulation, which have prompted layoffs throughout the newspaper chain.
This story is reprinted with the permission of The Canadian Press.
