Canadian Publishing Industry News
19 April 2021,     TORONTO
Postmedia achieves $700,000 Q2 profit; 21% revenues drop
 
 
Postmedia reported $700,000 in net profits in its second quarter, ended February 28, compared to a 21% revenue slide. Revenue for the period totalled $106 million, down from $134.2 million at the same time last year, before COVID-19. Its profit compares to a net loss of $12.8 million last year.

During the quarter, Postmedia received $5.7 million from the federal government's COVID-related emergency wage subsidy program, and $1 million from federal and Quebec journalism tax credits.

The revenue drop was due to a 29% decrease in print advertising, 21% decline in digital revenue and an 11.6% lower print-circulation revenue. The company cut operating expenses by nearly 20% that is expected to save about $5 million per year.

 

Story Tools
Most Recent News Comment
Jaded says:
Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
Most Recent Blog Comment
Marty Seto says:
Make Sure you Enter the COPAs this year. We have a FREE Covid-19 News category that is free to enter...
Blogs
Martin Seto Gadget Blog
Martin Seto
Most recent posts:
Scott Bullock Covers Sell
Scott Bullock
Most recent posts:
Industry Guest Blogger Words of Inspiration
Industry Guest Blogger
Most recent posts:
Dennis Kelly 57 Media Spikes
Dennis Kelly
Most recent posts:
Norm Lourenco RGD Magazine Media Brandaid
Norm Lourenco RGD
Most recent posts:
Richard Johnson Off the Page
Richard Johnson
Most recent posts:
Connections
Connections
Connections
Special Reports