The New York Times Company announced it lost US$335,000 in the first quarter of 2007, the Guardian reported Thursday.

In the same period the year before, the company posted a $23.9 million profit.

In the three months to the end of March, total revenues dropped 4.9 percent to $747.9 million, from last year's $786 million. The company's news media sector saw advertising revenues fall 10.6 percent, the Guardian reported.

“Advertising revenues decreased in the quarter as a weaker economic conditions compounded the effects of secular change in our business,” said Janet Robinson, chief executive of the New York Times Co. “While this is a challenging time for the media industry, we are diligently managing our business for the long term.”

The company's ad revenues in March alone dropped by 11.1 percent year-on-year, according to the Guardian reported.