Transcontinental (TCL) reported that its net profit fell more than 20% to $28.3 million in its latest
quarter due to the end of COVID-19 government wage subsidies.
The Montreal-based printing, media and packaging company said it earned $0.33 per share in
its fiscal second quarter, down from $35.6 million or $0.41 a share a year earlier.
Transcontinental’s results last year included $7.5 million from the federal government’s “Canada
Emergency Wage Subsidy” program.
The company's adjusted profit for its second quarter this year was $41.7 million or $0.48 per
share, compared with $47.8 million or $0.55 per share in the same quarter a year earlier.
Revenue for the three months ended May 1 totaled $715.5 million, up 14.8% from $623.3 million
in the prior year period, with packaging revenue climbing 21% and printing up 9%.
Analysts, on average, had forecast adjusted profits of $0.43 per share on $678.7 million of
revenues, according to Refinitiv data.
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