By: E&P Staff In a period where big media companies are eking out positive earnings only because gains in their television businesses are offsetting losses by newspapers, Canadian media giant Torstar Corp. is proving an exception.
The publisher of the Toronto Star reported a 9% increase in fourth-quarter profit over the year-ago period -- and said it was gains in newspaper and book publishing that offset a loss in its stake in CTVglobemedia Inc., parent of the CTV television network and the Globe and Mail newspaper.
"We're reporting growth in both newspapers and book publishing in the quarter and year-to-date," Torstar President and CEO Robert Prichard said in a conference call with analysts, according to an account in Thursday's Toronto Star. "In the quarter we've delivered strong operating results with EBITDA (earnings before interest, taxes, depreciation and amortization) up 17%" over he year-ago quarter.
Net earnings for the quarter ended Sept. 30, 2007, were 11 cents Canadian per share, up from 10 cents a share for the same period last year. (On Thursday, the Canadian dollar was worth US$1.05.)
Torstar's newspaper and digital revenue rose by $6.1 million to $253.5 million on growth in its metro and community papers as well as its digital properties.
Ad revenue at the Star fell 4.9% in the quarter compared to the year ago period. However, on a same-property basis, ad revenue as up at the Metroland communities papers by 3.8%.
Torstar's book publishing business, which includes the Harlequin romance series, fell by $3.1 million to $115.7 million because of the higher Canadian dollar, which has appreciated more than 20% this year against the U.S. dollar.
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