Thursday, February 26, 2009

Writedowns give Torstar $211M loss

While fourth-quarter revenues of $412.8 million were up $9.9 million from $402.9 million in the last quarter of 2007, Torstar reported a net loss of $211.2 million in the same quarter, including $229.5 million of losses from associated businesses and investment writedowns in companies like CTVglobemedia, of which Torstar owns a 20 per cent share.

Excluding these losses, net income was actually $18.3 million in the last quarter.

Despite a contraction in the local economy and massive declines in the North American newspaper industry, the company's revenues dropped by less than one per cent in 2008.

A general decline in advertising revenues in newsprint and higher newsprint costs were somewhat curbed by a 34 per cent increase in revenues from Torstar's digital online businesses.

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