The publisher of the Toronto Star and other newspapers says its lost attributable to shareholders amounted to $7.4 million or nine cents per share. (Photo by THE CANADIAN PRESS)

Torstar reports $7.4M loss in first quarter, revenue down from a year ago

TORONTO — Torstar Corp. reported a smaller first-quarter loss than a year ago as revenue declined.

The publisher of the Toronto Star and other newspapers says its lost attributable to shareholders amounted to $7.4 million or nine cents per share. That compared with a loss of $14.5 million or 18 cents per share in the same quarter last year.

Operating revenue totalled $116 million in three months ended March 31, down from $129 million in the first three months of 2018.

On an adjusted basis, Torstar says it lost six cents per share in the first quarter of 2019 compared with an adjusted loss per share of 20 cents in the first quarter of last year.

Analysts on average had expected a loss of 15 cents per share for the quarter, according to Thomson Reuters Eikon.

In addition to the Toronto Star, the company owns daily, community and commuter newspapers in numerous communities and a 56 per cent interest in VerticalScope, a Toronto-based digital media company.

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Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal’s La Presse.

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