Publisher of Vancouver Sun, Province newspapers reports larger quarterly loss

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VANCOUVER (NEWS1130) – The newspaper business continues to suffer, with the publisher of the Vancouver Sun, Province and several other dailies reporting a bigger quarterly loss.

Postmedia Network Canada lost $49.8 million in the quarter to the end of August, $1.7 million more than a year earlier.

Revenue fell $22.5 million or 13 per cent to $146.8 million. Print advertising revenue fell 21 per cent, with declines across all categories. Even its digital revenue decreased five per cent to $1.1 million.

On the positive side, Postmedia says its operating expenses excluding some items were down 10.3 per cent. Its fiscal-year operating loss of $35.5 million was less than half the $77.5 million it lost in the previous year.

CEO Paul Godfrey says “we continue to see the impacts of a very challenging revenue environment, particularly with respect to declines in print advertising” but adds that Postmedia is “focused on potential growth areas” with new formats that recently launched in Montreal.

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