Torstar Corp., (TSX:TS.B) which publishes the newspaper The Toronto Star, reported a $40.9-million loss for its latest quarter.
The media company also announced that in the wake of the loss it is suspending its regular dividend payment to shareholders of 2.5 cents per share as part of its plan to preserve cash and strengthen its financial position.
Torstar’s Board of Directors plans to review the dividend policy again in the fourth quarter of 2020, the company said in a news release. The decision came as Torstar reported a loss of 50 cents per share for the quarter ended September 30 compared with a loss attributable to shareholders of $18.8 million or 23 cents per share in the same quarter of 2018.
Torstar also reported that its operating revenue fell to $111.8 million in the third quarter compared with $126.4 million during the same period last year. On an adjusted basis, Torstar said it lost 21 cents per share in its most recent quarter compared with an adjusted loss of 22 cents per share in the same period of 2018.
Analysts had expected $112 million of revenue and an adjusted loss of 15 cents per share, according to financial markets data firm Refinitiv.
