Publisher of Vancouver Sun, Province newspapers reports larger quarterly loss
Posted October 24, 2014 9:59 am.
This article is more than 5 years old.
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.