Post­media turns $13M net profit af­ter cut­ting costs

The Guardian (Charlottetown) - - BUSINESS -

TORONTO — Post­media Net­work Canada Corp. is re­port­ing a $13-mil­lion net profit in its fis­cal third quar­ter, as cost sav­ings more than off­set an 11.1 per cent de­cline in over­all rev­enue.

The Toronto-based me­dia com­pany says the profit, worth 14 cents per share, was pri­mar­ily the re­sult of one-time, non-cash items in­clud­ing a $22.8 mil­lion gain re­lated to changes in the com­pany’s em­ployee ben­e­fit plans.

Rev­enue dropped to $194 mil­lion for the quar­ter ended May 31, down $24.3 mil­lion from the same time last year. The owner of the Na­tional Post and sev­eral other ma­jor Cana­dian news­pa­pers con­tin­ued to ex­pe­ri­ence lower rev­enue from its print op­er­a­tions, only partly off­set by higher rev­enue from dig­i­tal me­dia.

Print ad­ver­tis­ing rev­enue was down $22 mil­lion and print cir­cu­la­tion rev­enue fell $5.5 mil­lion, though dig­i­tal rev­enue rose by $3.9 mil­lion from the same time last year.

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