(Reuters) - Transcontinental Inc (TCLa.TO), Canada’s biggest commercial printer, posted a 23 percent fall in adjusted profit for the third quarter due to a dip in the sales of educational books, promotions and a softer advertising market.
Third-quarter adjusted net income to shareholders fell to C$24.9 million, or 31 Canadian cents per share, from C$32.5 million, or 40 Canadian cents a year earlier.
The company’s shares were down 5 percent to C$8.80 on the Toronto Stock Exchange.
Net income to shareholders fell to 10 Canadian cents per share from 39 Canadian cents per share a year earlier on acquisition-related costs.
The company, which also provides web solutions and marketing communications, said revenue growth was hit by a reduction in sales at its educational book publishing business due to the end of school reform in Quebec.
It was also impacted by incentives granted at the renewal of certain printing contracts and the decrease in national advertising in community newspapers outside Quebec, the company said.
Overall revenue grew 8 percent, driven by acquisitions, to C$517.0 million.
Reporting By Sandhya Vijayan in Bangalore; Editing by Sreejiraj Eluvangal