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 with 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 a share, compared with 17 cents a 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, partly offset by a tax recovery. This year’s third quarter included a gain on derivative financial instruments, partly offset by a higher currency loss.
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