Revenues for the fourth quarter, ended October 31, were $594 million, down nine percent from $653 in the fourth quarter of 2008, according to the latest financial release from Transcontinental Inc.

In a piece of positive news, net income in the quarter climbed to $43.1 million from a loss of $94.3 million in 2008. This positive financial result helped to offset steep declines in the first two quarters of the fiscal year, the company says.  

For fiscal 2009 revenue dropped six percent to $2.29 billion from $2.43 billion and net loss totaled $81.8 million from net income of $6.6 million in 2008. 

The media sector includes magazines and the management of 120 Internet sites and portals. It posted $27.5 million in revenue from its websites, up 30 percent over 2008. The media sector generated revenues of $607 million in 2009 and has 3,100 employees.