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Postmedia reports $20.1M loss in Q2, revenue down 13 per cent from year ago

Postmedia signage is pictured at the head office in Toronto, on Wednesday, June 28, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO — Postmedia Network Canada Corp. reported a net loss of $20.1 million in its latest quarter compared with a loss of $20.8 million a year earlier as its revenue fell 13 per cent.

The publisher of the National Post and other newspapers says the loss amounted to 20 cents per diluted share for the quarter ended Feb. 29 compared with a loss of 21 cents per diluted share a year earlier.

Revenue for what was Postmedia's second quarter totalled $97.3 million, down from $111.8 million in the same quarter last year.

The company says the change was primarily due to a drop in advertising revenue to $43.2 million compared with $54.5 million a year ago, while circulation revenue fell to $32.9 million compared with $37.0 million.

Parcel revenue rose 20.5 per cent to $14.2 million from $11.8 million in the same quarter last year.

Postmedia chief executive Andrew MacLeod says the company remains focused on transforming its business and delivering a sustainable news media model for the future.

This report by The Canadian Press was first published April 11, 2024.

Companies in this story: (TSX:PNC.A, TSX:PNC.B)

The Canadian Press

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