PRESS DIGEST- British Business - May 29
May 29 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
(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 business.
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 year earlier.
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 Ravikumar)
* unit entered into arrangements regarding acquisition of a 30% interest in each of PPLs 474, 475, 476, 477 and PRL 39 from Exxonmobil affiliates Source text for Eikon: Further company coverage: