Postmedia sees Q4 distinction on sale of Informart unit
Postmedia Network Inc. reported a $40.3-million distinction in a latest quarter, increasing by a sale of a Infomart business.
The media association pronounced Thursday a distinction amounted to 43 cents per share for a entertain finished Aug. 31 compared with a detriment of $99.4 million or 35 cents per share a year ago.
Revenue for a company’s fourth entertain totalled $176.8 million, down from $194.6 million in a same entertain final year.
Postmedia sole a Infomart business to Meltwater News Canada Inc. for $38.3 million.
“This entertain we have continued to deprive of non-core resources — including a sales of a Infomart business and a Islington, Ont., imitation trickery — with a net deduction practical to debt repayment,” Postmedia arch executive Paul Godfrey pronounced in a statement.
“On a income front, while normal imitation revenues continue to be underneath poignant pressure, this was a third entertain of continued digital promotion income expansion — a certain pointer that new business are embracing a innovative solutions.”
Print promotion income fell 15 per cent compared with a year ago, while imitation dissemination income forsaken 7.3 per cent. Digital income increasing 15 per cent compared with a same entertain final year.
For a financial year finished Aug. 31, Postmedia pronounced it warranted $44.8 million or 40 cents per share compared with a detriment of $352.5 million or $1.25 per share in a prior financial year. Revenue totalled $754.3 million, down from $860.4 million.
Executive changes
The formula came as Postmedia announced that arch handling officer Andrew MacLeod has combined a purpose of boss to his pursuit as partial of a company’s period plan.
MacLeod takes over a pretension from Paul Godfrey who will sojourn a company’s arch executive, a position he has hold given a company’s pregnancy in 2010.
Postmedia pronounced a pierce formalizes a transparent period devise and acknowledges a collaborative executive structure already in place.
MacLeod assimilated Postmedia in 2014 as arch blurb officer and was named arch handling officer in 2016.
Postmedia owns a National Post as good as several other vital Canadian newspapers as good as digital platforms.
Article source: http://www.cbc.ca/news/business/postmedia-results-godfrey-1.4362383?cmp=rss