Torstar Q4 profits up 9 percent on newspaper growth
By Leah McBride Mensching, Thursday 1 November 2007 at 21:21 :: Newspaper Data :: #798 :: rss
In a time when reports of media companies getting by thanks to their to other businesses offsetting newspaper losses, Canadian media giant Torstar Corp. seems to be the exception to the rule.
The Toronto Star's publisher has reported a 9 percent increase in its fourth quarter profits over last year at the same time, all thanks to gains in newspaper and book publishing, Editor & Publisher reported Thursday.
Torstar's newspaper and book profits have offset the company's loss in its CTVglobemedia Inc. stake, according to Editor & Publisher. CTVglobemedia is the parent of CTV television network and the Globe and Mail newspaper.
“We're reporting growth in both newspapers and book publishing in the quarter and year-to-date,” said Robert Prichard, Torstar President and CEO, in a conference call with analysts, according to the Toronto Star. “In the quarter we've delivered strong operating results with EBITDA up 17 percent (over the same period last year).”
Newspaper and digital revenue at Torstar was up by $6.1 million, to $235.5 million, due to growth in metro and community papers, as well as digital offerings. And while the Star's ad revenue dropped 4.9 percent in the fourth quarter compared to the same time last year, Metroland communities papers ad revenue was up by 3.8 percent.
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