Transcontinental Profit Down 93%

Profit Decline

CBJ — To gauge just how badly the print publishing industry is performing in this new digital age, one need look no further than Transcontinental reporting a massive 93% profit decline to just $5.4 million due to a combination of unusual items that included its writedown of newspapers in Atlantic provinces.

Excluding those items, Transcontinental’s adjusted earnings fell by 12.5% to $34.2 million while its revenue edged up to $497.2 million from $490.5 million.

The Montreal-based company says the second half of the year should be better for its printing division thanks to the addition of some new customers in recent months.

@CanBizJournal

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