Yellow Media posts profit, print sales continue to decline

Tue Nov 6, 2012 7:27am EST
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Nov 6 (Reuters) - Canadian telephone directory publisher Yellow Media Inc reported a third-quarter profit, but lower print segment sales hurt revenue.

Yellow Media has been struggling to stem a slide in sales in its print business as more people shift to internet-based giants such as Google Inc for local listings.

The company is also looking to pare its huge debt load of C$1.80 billion as of June 30.

Net profit from continuing operations was C$24.0 million, or 4 Canadian cents per basic share, compared with a net loss from continuing operations of C$2.81 billion, or C$5.52 per basic share, a year earlier.

The year-ago quarter included an impairment charge of C$2.9 billion.

Adjusted earnings from continuing operations rose to C$77.1 million, or 15 Canadian cents per share, from C$69.2 million, or 14 Canadian cents per share, a year earlier.