Postmedia Q4 profit rises to $13.5 million despite lower revenue
|Toronto Star 16 Oct 2020 at 15:53|
TORONTO - The owner of Canada’s largest group of newspapers reports it had a $13.5-million profit in its fourth quarter ended Aug. 31, which it attributed to cost cutting and assistance from government wage subsidies.
Among the factors offsetting the revenue decline was money from a federal wage subsidy program that helps employers affected by a loss of business due to the COVID-19 pandemic.
Overall revenue dropped to $105.2 million, down from $145.6 million a year earlier. Most of the decline was from $22.1 million less in print advertising revenue and $10.7 million less in digital revenue, which includes digital advertising.