Torstar Corp., (TSX:TS.B) which publishes the Toronto Star newspaper, reported a $17.4 million loss in the second quarter as revenue dropped 11% compared with the same time last year.
The company said its total revenue was $127.2 million, down from $143.2 million in the second quarter of 2018 but within analyst estimates. Torstar's net loss was equivalent to 22 cents per share and compared with a year-earlier profit of $4.95 million or six cents per share of net income.
Torstar recently announced that it would close its printing and mailroom operations in Hamilton, Ontario – a move that is expected to impact 73 full-time and 105 part-time staff. Excluding restructuring and asset impairment costs, Torstar's operating loss was two cents per share.
In addition to the Toronto Star, the company owns daily, community and commuter newspapers in numerous communities and a 56% stake in VerticalScope, a Toronto-based digital media company.
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