TORONTO — Postmedia Network Canada Corp. says its net loss for the quarter ended Feb. 28 was reduced to $1.3 million, down from $28.5 million a year earlier, despite a continued decline in revenue at its newspaper operations.
The Toronto-based company, which owns the National Post and numerous other paper and digital publications, says the reduced loss was mainly due to its cost reduction initiatives and a tax credit from the Ontario government.
Postmedia’s operating expenses were down 21 per cent or $36.2 million, excluding certain items including restructuring expenses, and it received $17 million from the Ontario interactive digital media tax credit.
Those positives offset a 10.8 per cent decline in revenue to $157.6 million, which was down $19.1 million from last year’s fiscal second quarter.
Print advertising revenue was down $16.3 million, or 18.8 per cent, while print circulation revenue was down $4.6 million or 7.9 per cent. Digital revenue was up $2.4 million or 10.1 per cent.
“We are executing on a strategy that continues to deliver results including continued positive signs from our digital advertising initiatives,” said Paul Godfrey, Postmedia’s executive chairman and chief executive officer.
Companies in this story: (TSX:PNC.B, TSX:PNC.A)
The Canadian Press