TORONTO — Postmedia Network Canada Corp. had a $3-million loss in its first quarter as overall revenue declined 8.5 per cent from a year earlier due to lower print advertising and circulation revenue.
The owner of Canada’s largest newspaper group, including the National Post, says overall revenue was $156.7 million for the three months ended Nov. 30, down from $171.3 million a year earlier.
Digital advertising revenue was up 11.1 per cent but overall digital revenue rose only $2.8 million to $35.6 million, while print advertising revenue dropped $12.9 million to $64.14 million and print circulation fell $3.1 million to $50.3 million.
Postmedia says the quarter’s net loss amounted to three cents per share, compared with a two-cent per share loss a year earlier.
Most expense items for the quarter were down or flat year-over-year, but restructuring-related costs were substantially higher at $8.6 million – up from $2.7 million a year earlier.
Operating income before depreciation, amortizing and restructuring expenses was down $300,000, helped by a recovery of $2.4 million related to journalism tax credits.
This report by The Canadian Press was first published Jan. 9, 2020.
Companies in this story: (TSX:PNC.A, TSX:PNC.B)
The Canadian Press