Postmedia Reports Second Quarter Results
Revenue for the quarter was $97.3 million as compared to $111.8 million in the same period in the prior year, representing a decrease of $14.5 million (13.0%). The revenue decrease was primarily due to decreases in advertising revenue of $11.3 million (20.8%) and circulation revenue of $4.1 million (11.1%), partially offset by increases in parcel revenue of $2.4 million (20.5%). Net loss in the quarter ended February 29, 2024 was $20.1 million, as compared to a net loss of $20.8 million in the same period in the prior year. The decrease in net loss was primarily the result of decreases in depreciation and restructuring expenses, as well as a decrease in foreign exchange losses, partially offset by an increase in operating loss before depreciation, amortization and restructuring, and a decrease in gain on disposal of property, plant and equipment, assets held-for-sale and other assets.