Photo: Nathan Denette, The canadian Press
Paul Godfrey, the president and ceo of Postmedia
Toronto — Postmedia Network Canada posted Thursday a profit of $ 5.8 million for its most recent quarter, while noting that its revenues had decreased by 10.3% compared to the same period a year earlier.
The media group said that its earnings per share had increased to 6 ¢ for the quarter ended 30 November. This result is compared to a profit of $ 17.8 million, or 10 cents per share, for the same period of the previous year. The company, however, had benefited during the quarter from the previous year, a gain related to a settlement of debt.
Revenues for the first quarter of Postmedia totaled $ 189 million, a turnover comparable to that than 210.8 million in the same quarter a year earlier. A decline of revenue in print has more than offset the gains of digital activities.
The advertising revenues from print fell by 17.9 %, while the income of the prints have retired from 6.1 %. During this time, digital revenue grew 14.5 % in the most recent quarter, and revenue digital advertising rose 17.3 %.
The total operating expenses, including depreciation, amortization and restructuring decreased by $ 26 million, or 13.6 %, compared to the first quarter of the previous fiscal year thanks to cost-cutting measures put in place.
In November, Postmedia and Torstar announced that they would exchange 41 newspapers and would bring an end to the activities of 36 of them, mainly in the markets of ontario, where there are several publications. This operation resulted in the disappearance of almost 300 jobs.