Loading articles...

Postmedia quarterly revenue down more than 25% amid COVID-19 advertising pullback

Last Updated Jul 9, 2020 at 2:30 pm EDT

A security guard stands by the front reception desk at Postmedia's Toronto headquarters on Monday, March 12, 2018. Postmedia Network Canada Corp. says its revenue dropped by more than 25 per cent in its most recent quarter thanks to significant impact from the COVID-19 pandemic. THE CANADIAN PRESS/Chris Young

TORONTO — Postmedia Network Canada Corp. says its revenue dropped by more than 25 per cent in its most recent quarter due to a significant impact from the COVID-19 pandemic.

The newspaper conglomerate says its third-quarter revenue was $112.4 million, down $44.6 million, or 28.4 per cent, from $157.1 million in the same quarter the previous year.

That drop comes from a $23.7 million fall in print advertising revenue and $10.7 million less in digital revenue.

The Toronto-based company says it lowered its operating expenses excluding depreciation, amortization and restructuring for the quarter ended May 31 by 26.2 per cent.

That includes the impact of initiatives started in the quarter that the company expects will provide about $8 million of net annualized cost savings.

It reported a quarterly net loss of $13.8 million or 15 cents per share, up from a net loss of $7.7 million or eight cents per share in the same quarter the previous year.

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

This report by The Canadian Press was first published July 9, 2020.

The Canadian Press