Torstar Corp. reports fourth-quarter profit, boosted by one-time gains

Torstar Corp. reports fourth-quarter profit, boosted by one-time gains
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TORONTO — Torstar Corp. reported a profit in its fourth-quarter, boosted by one-time gains related to its pension plans and the sale of two real estate properties in Ontario.

The publisher of the Toronto Star and other newspapers says its profit attributable to shareholders amounted to $14.1 million or 17 cents per share for the quarter ended Dec. 31.

That compared with a loss attributable to shareholders of nearly $3.1 million or four cents per share in the fourth quarter a year earlier.

Operating revenue totalled $124.0 million, down from nearly $144.9 million in the last three months of 2018.

Torstar says its results in its most recent quarter included a gain of $24.6 million related to the transfer of pension assets and liabilities to the Colleges of Applied Arts and Technology Pension Plan as well as a gain of $3.5 million related to the sale of two real estate properties in Ontario.

Adjusted earnings per share amounted to 11 cents in the fourth quarter of 2019 compared with an adjusted profit per share of 15 cents in the fourth quarter of 2018.

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Toronto Star parent 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.

This report by The Canadian Press was first published Feb. 26, 2020.

Companies in this story: (TSX:TS.B)

 

The Canadian Press

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