Torstar Corp. (TSE:TS.B), owner of the Toronto Star and other newspapers and the Harlequin book publishing company, fell in midday trades after posting a 7 percent decline in revenue at its media business.
Shares declined 4.7 percent to C$7.87 at 3:19 p.m. in Toronto.
Revenue in the media business fell to C$237.3 million as the company continued to struggle with low print advertising sales.
The company reported adjusted second-quarter operating revenue of C$225.6 million, missing the average analyst estimate of C$229.5 million.
Net income from continuing operations rose to C$18.1 million, or 23 Canadian cents per share, for the second quarter ended June 30, from C$12.6 million, or 16 Canadian cents per share, a year earlier
Excluding restructuring and other costs, Torstar earned 20 Canadian cents per share, below the analysts' estimate of 23 Canadian cents per share.
The publisher recently slashed costs in an attempt to counter shrinking ad sales. Torstar agreed in May to sell its Harlequin romance-novel publishing business to News Corp, in a deal that calmed investor fears that the publisher would have to cut its dividend payout.
The move has made the company more reliant on a recovery in ad sales, which have been shifting to the online platform, though not fast enough to counter falling print ad revenue.
Torstar also aims to make up for losses in its traditional print business by charging readers for access to the online version of the Toronto Star.
Reported by Proactive Investors 9 hours ago.
Shares declined 4.7 percent to C$7.87 at 3:19 p.m. in Toronto.
Revenue in the media business fell to C$237.3 million as the company continued to struggle with low print advertising sales.
The company reported adjusted second-quarter operating revenue of C$225.6 million, missing the average analyst estimate of C$229.5 million.
Net income from continuing operations rose to C$18.1 million, or 23 Canadian cents per share, for the second quarter ended June 30, from C$12.6 million, or 16 Canadian cents per share, a year earlier
Excluding restructuring and other costs, Torstar earned 20 Canadian cents per share, below the analysts' estimate of 23 Canadian cents per share.
The publisher recently slashed costs in an attempt to counter shrinking ad sales. Torstar agreed in May to sell its Harlequin romance-novel publishing business to News Corp, in a deal that calmed investor fears that the publisher would have to cut its dividend payout.
The move has made the company more reliant on a recovery in ad sales, which have been shifting to the online platform, though not fast enough to counter falling print ad revenue.
Torstar also aims to make up for losses in its traditional print business by charging readers for access to the online version of the Toronto Star.
Reported by Proactive Investors 9 hours ago.