Yellow Pages raises its distribution as profit up
TORONTO (Reuters) - Canadian phone directories company Yellow Pages Income Fund YLO_u.TO reported a higher quarterly profit on Thursday, helped by revenue growth and a recent acquisition.
Yellow Pages said net earnings for the second quarter were C$135.7 million ($129.2 million), or 26 Canadian cents a unit, compared with C$127.6 million, or 24 Canadian cents a unit, in the same period the year before.
Revenue rose to C$430.4 million from C$411.1 million.
Yellow Pages said that as a result it is increasing its cash distribution per unit by 3.5 percent to C$1.17 annually from C$1.13.
The company offered a positive outlook for 2009, saying it expects to see a strong year for its directories business as it fully integrates acquisitions and introduces new print and online products.
Yellow Pages also said it is well positioned to transform itself from an income trust to a corporation by the end of 2010.
Units of Yellow Pages were off 1 Canadian cent, or 0.1 percent, to C$10.12 on the Toronto Stock Exchange on Thursday morning.
(Reporting by Leah Schnurr; Editing by Peter Galloway)
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