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Posted: Wed Mar 06, 2013 1:03 pm Post subject: Torstar profit plunges
Quote: Net income attributable to equity shareholders fell to C$24.1 million, or 30 Canadian cents per share, from C$64.3 million, or 81 Canadian cents per share, a year earlier.
Revenue fell 7 percent to C$395.7 million primarily on lower print advertising.
The declines in print revenue were only partially offset by an increase in digital revenue, the company said.
Excluding restructuring and others charges, Torstar earned 49 Canadian cents per share.
Analysts had expected earnings of 53 Canadian cents per share on revenue of C$413.65 million, according to Thomson Reuters I/B/E/S.
Torstar's shares fell 10 percent to C$7.11 in early trading on the Toronto Stock Exchange. They had fallen some 36 percent in the past six months, prior to Wednesday's drop.
The company's Star Media group owns numerous titles including the online newspaper thestar.com, the weekly city magazine The Grid, and the Canadian Immigrant magazine.
The media business accounted for 73 percent of Torstar's operating revenue of C$395.7 million in the fourth quarter.
The company said it cut 260 jobs in 2012.
Joined: 16 Dec 2009
Posted: Fri Mar 22, 2013 4:51 pm Post subject:
Hopefully, part of a trend.
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