(Reuters) - Torstar Corp
The Toronto Star owner also said earnings in its book publishing business, which includes the Harlequin series of romantic novels, will be moderately lower in the second half than 2012. It earned C$212.8 million from the business in the second half of 2012, according to regulatory filings.
"In the media operations, print advertising revenues are likely to continue to be under pressure," Chief Executive David Holland said in a statement.
Revenue in the media business fell 8 percent to C255.4 million in the second quarter, largely due to print advertising revenue declines at the newspapers.
The company, which is looking to erect a paywall for the Toronto Star as both readers and advertisers shift online, said it expects digital revenue from existing properties to rise for the rest of the year.
Digital revenue fell 10.1 percent for the media business in the second quarter.
Net income fell to C$18 million ($17.5 million), or 23 Canadian cents per share, from C$32.6 million, or 41 Canadian cents per share, a year earlier. On an adjusted basis, the company earned 29 Canadian cents per share.
Operating revenue slipped 7.6 percent to C$354.9 million.
Analysts on average had expected Torstar to earn 36 Canadian cents per share on revenue of C$357 million, according to Thomson Reuters I/B/E/S.
Torstar, which expects to save C$23.8 million from the restructuring activities it undertook through the end of the second quarter, said cost cuts would continue.
Torstar cut 105 jobs in the first quarter and 260 jobs in 2012.
(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Sriraj Kalluvila and Don Sebastian)
Source: http://news.yahoo.com/canadian-publisher-torstars-profit-falls-ad-revenue-declines-104435534.html
Nina Agdal iOS 7 beta 2 scottie pippen supreme court ellen page Lisa Robin Kelly Jodi Arias
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.