(Corrects to "Wednesday" from "Tuesday" in paragraph 1)
May 3 Canadian newspaper publisher Torstar Corp
on Wednesday reported a bigger-than-expected loss, as
growth in some of its digital ventures failed to offset a
decline in print advertising.
Torstar, which publishes the Toronto Star and a string of
other titles, said print advertising revenue fell 19 percent in
the first quarter ended March 31.
Torstar, like many other publishers, has struggled to offset
the steady defection of advertisers from newspapers to social
media and search websites such as Google.
Revenue from digital ventures dipped 4 percent, but Torstar
said digital revenue growth was "strong" its majority-owned
VerticalScope unit and community websites in its Metroland Media
Torstar said net loss attributable to shareholders narrowed
to C$24.4 million ($17.7 million), or 30 Canadian cents per
share, from C$53.5 million, or 66 Canadian cents per share, a
Restructuring and other charges were C$4.9 million in the
quarter, compared with C$31.8 million a year earlier.
Excluding items, the company lost 22 Canadian cents per
share, missing analysts' average estimate of 13 Canadian cents
per share, according to Thomson Reuters I/B/E/S.
Revenue fell 11.5 percent to C$138.6 million.
($1 = 1.3730 Canadian dollars)
(Reporting by John Benny in Bengaluru; Editing by Sai Sachin