Torstar Corp, the publisher of Canada's biggest daily newspaper, the Toronto Star, announced today that its Q1 profit is up, due to reduced costs and improved results from its newspaper and digital departments, Reuters reported.

The company earned C$7.4 million, or 9 Canadian cents a share, compared to a loss of C$21.4 million, or 27 Canadian cents a share year-over-year.

Photo: Mark Blinch/Reuters

Revenue was down 1.4 percent to C$334.2 million in the quarter, Reuters reported.

Newspaper and digital revenue increased 3 percent to C$221.4-million, even though book publishing revenue dropped 9 percent to C$112.8 million, Financial Post reported.

"In the newspapers and digital division the results benefited from a modest increase in revenues but the primary driver of the improved earnings were lower costs," said David Holland, chief executive with Torstar, in a release.