Torstar Corp. posted another quarterly loss as cost cuts were unable to recompense the ongoing economic struggles at the company's newspaper and digital operations, the Wall Street Journal reported on Thursday.

The Toronto based media company reported a loss of C$4.4 million, or six cents a share, for the second economic quarter. For the same period in 2008 the company registered a $36 million profit or 46 Canadian cents per share.

The company suffered on the back of a $29.9 million charge relating to a valuation allowance against certain future income-tax assets. Without this cost Torstar said it would have recorded a $25.5 million profit for the second quarter.

The company's revenue was slightly down on a year-to-year analysis to $373.3 million from $398.8 million.

Torstar has ownership stakes in daily newspapers, community newspapers, online properties and international book publishing assets. Its premium publication is the Toronto Star newspaper, Canada's largest daily newspaper.