(Reuters) - Transcontinental Inc TCLa.TO, Canada’s biggest commercial printer, reported a lower quarterly profit hurt by lower printing volumes and a goodwill impairment charge.
For the fourth quarter, net income applicable to participating shares fell 82 percent to C$8.0 million, or 10 Canadian cents a share, from C$44.5 million, or 55 Canadian cents a share, a year ago.
The company, which started printing Canada’s leading daily The Globe and Mail since October last year in a contract worth C$1.7 billion, also recorded a goodwill impairment charge of C$52.2 million.
Adjusted net income applicable to participating shares fell 4 percent to 74 Canadian cents per share.
Analysts were expecting earnings of 63 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Revenue for the quarter fell 3.4 percent to C$537.5 million.
Shares of Transcontinental were trading down 1.7 percent to C$11.46 in afternoon trade on Thursday on the Toronto Stock Exchange.
Reporting by Maneesha Tiwari in Bangalore; Editing by Esha Dey