Torstar reports Q2 loss as revenue drops and restructuring costs rise
Torstar Corp. says it had a $17.4 million loss attributable to equity shareholders in the second quarter, as revenue dropped 11 per cent compared with the same time last year and restructuring expenses increased.
The company that owns the Toronto Star says its total revenue was $127.2 million, down from $143.2 million in the second quarter of 2018 but within analyst estimates.
Torstar’s net loss was equivalent to 22 cents per share and compared with a year-earlier profit of $4.95 million or six cents per share of net income.
Restructuring expenses for the three months ended June 30 totalled $13.85 million, up from $5.78 million a year earlier.
During the quarter, the company announced it would close its Hamilton printing and mailroom operations this summer. It expected the plan to affected 73 full-time and 105 part-time staff.
Excluding restructuring and asset impairment costs, Torstar’s operating loss was two cents per share, which was less than analyst estimates.
Analysts had estimated $127 million of revenue, a net loss of seven cents per share and an adjusted loss of five cents per share, according to financial markets data firm Refinitiv.