Postmedia cuts losses

Postmedia Network Canada Corp. says its third-quarter loss was cut in about half to $7.7 million as growth in digital revenue partly offset continued declines in its print business.

The owner of the National Post and other newspapers says it had $157.1 million in total revenue for the quarter ended May 31, including $32.9 million from its digital businesses, which was up 10.1 per cent from a year earlier.

That compares to total revenue of $171 million in the same quarter last year, and a net loss of $15.5 million.

This year’s third-quarter loss amounted to eight cents per share, compared with 17 cents per share during the comparable period last year.

Revenue from print advertising was down 17.6 per cent to $64.8 million, from $78.6 million in the 2018 third quarter, while print circulation revenue fell 6.3 per cent to $51.4 million from $54.8 million a year earlier.

Last year’s loss included an impairment charge and higher restructuring expenses, partially offset by a tax recovery. This year’s third quarter included a gain on derivative financial instruments, partially offset by a higher currency loss.

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