Yellow Media adjusted profit falls as print sales remain weak

Tue Feb 5, 2013 7:33am EST
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Feb 5 (Reuters) - Canadian telephone directory publisher Yellow Media Ltd's fourth-quarter adjusted profit halved as print advertising sales remained weak.

Debt-laden Yellow Media has been looking to transform itself into a digital company from a print-dominated business as it struggles to sell advertising space in its traditional Yellow Pages and directories.

After adjusting for an impairment charge of C$300 million and a gain on settlement of debt, the company earned C$24.0 million, or 70 Canadian cents per share, compared with net income from continuing operations of C$48.2 million, or C$1.53 per share, a year earlier.

Net profit from continuing operations for the quarter ended Dec. 31 was C$823.5 million ($824.3 million), or C$29.30 per basic share.