TORONTO — Torstar Corp. suspended its quarterly dividend as it reported a $40.9-million loss attributable to shareholders in its latest quarter.
The publisher of the Toronto Star newspaper says it suspended the regular payment to shareholders of 2.5 cents per share as part of its plan to preserve its cash and strengthen its financial position.
The board of directors plans to review the dividend policy again in the fourth quarter of 2020, the company says.
The decision came as Torstar reported a loss of 50 cents per share for the quarter ended Sept. 30 compared with a loss attributable to shareholders of $18.8 million or 23 cents per share in the same quarter last year. Operating revenue fell to $111.8 million compared with $126.4 million.
On an adjusted basis, Torstar says it lost 21 cents per share in its most recent quarter compared with an adjusted loss of 22 cents per share in the same quarter last year.
Analysts on average had expected $112 million of revenue and an adjusted loss of 15 cents per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Oct. 30, 2019.
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Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of The Globe and Mail and Montreal’s La Presse.
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