BUSINESS
06/13/2011 06:23 EDT | Updated 08/13/2011 05:12 EDT

Newfoundland Capital: First Quarter Net Profits, Revenues Rise

CP

THE CANADIAN PRESS -- DARTMOUTH, N.S. - Radio operator Newfoundland Capital Corporation Limited (TSX:NCC.B) reports its net profits more than doubled in the latest quarter as the company booked higher revenues and had lower corporate expenses.

The Dartmouth, N.S. company said Monday it earned $2.9 million or 10 cents a share for the three months ended March 31.

That was up from a net profit of $1.4 million or four cents a year ago.

Revenue in the quarter rose to $26.9 million from $25.7 million.

"Positive revenue growth has continued to drive our success," chief executive Rob Steele said.

"This quarter's growth came from both local and national advertising revenue Our strategy to focus on maximizing existing operations has solidified our financial position and we are well positioned for future growth."

Newfoundland Capital is one of Canada's biggest radio chains, with 81 licences across the country.