Postmedia Network Reports Losses In Third Quarter Results
THE CANADIAN PRESS -- TORONTO - Postmedia Network Canada Corp. (TSX:PNC.A) reported losses in the third quarter as it pulled in less advertising revenues and paid out higher expenses.
The owner of the National Post newspaper and dozens of other major media properties lost $3.9 million, compared with profits of $40.6 million in the same period a year ago.
The company, which began trading on the Toronto Stock Exchange last month, made $259 million in revenues versus $270 million.
Postmedia also recorded an $11 million loss on debt prepayment, versus zero in the same quarter last year, when the company was known as Canwest Limited Partnership.
The company said the slow recovery in Canada's economy has affected consumer and advertiser confidence.