Torstar posts $20.6 million profit in fourth quarter, revenue falls 7 per cent
TORONTO – Torstar Corp. (TSX:TS.B) reports it had $20.6 million of net income in the fourth quarter, down slightly from $21.1 million a year earlier.
Revenue from Torstar’s newspaper and book divisions was $366.5 million, down seven per cent from $395.7 million a year earlier.
Its net income was unchanged at 26 cents per share while adjusted earnings declined by one cent to 48 cents per share.
Torstar’s president and CEO, David Holland, said that the media division that includes the Toronto Star newspaper had a strong finish to 2013 but the Harlequin book division was less profitable.
He said the Toronto Star benefited from a combination of cost-cutting and higher revenue relative to earlier quarters in the year.
He added that Harlequin’s primary challenge is to adjust to the trend towards more digital products.
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