Torstar profit plummets as advertisers stay away

Wed May 8, 2013 6:48am EDT
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May 8 (Reuters) - Torstar Corp, the owner of Canada's largest daily newspaper by circulation, posted a 76 percent fall in first-quarter profit as advertisers stayed away from the printed page.

The publisher of the Toronto Star said its net income fell to C$4.2 million, or 5 Canadian cents per share, in the three months ended March from C$17.5 million, or 22 Canadian cents per share, a year earlier.

Revenue slipped to C$313.1 million from C$329.3 million.