In Postmedia Network Canada Corp. fiscal third quarter, it reported a $13 million net profit as cost savings more than offset an 11.1 percent decline in general income.
The Toronto-based company says the profit, worth 14 cents a share, was basically the outcome of one-time, non-cash items including a $22.8 million increase identified with changes in the company’s employee benefit plans.
Revenue fell to $194 million for the quarter finished May 31, down $24.3 million from a similar time a year ago.
The proprietor of the National Post and a few other major Canadian newspapers kept on encountering lower revenue from its print operations, just incompletely offset by higher income from digital media.
Print publicizing revenue decreased to $22 million and print circulation revenue went down $5.5 million, however digital revenue increased by $3.9 million from a similar time a year ago.
The company additionally reported Thursday that Brian Bidulka has been named its new CFO, effectively July 17, after Doug Lamb, who held the position since Postmedia was made in 2010, departed not long ago.
Postmedia declared a month ago after the quarter finished that it has entered into an agreement to offer its Infomart media monitoring division to Meltwater News Canada Inc. for $38.25 million. Proceeds from the sales will be utilized to reimburse debt.