August 6, 2009 / 3:52 PM / 9 years ago

UPDATE 2-Yellow Pages Q2 profit falls 14 percent

* Q2 distributable cash falls 5 pct

* Q2 earnings C$0.23/unit vs C$0.26/unit yr ago

* Units fall 2 pct (Recasts, adds conference call details, updates share movement)

Aug 6 (Reuters) - Yellow Pages Income Fund’s YLO_u.TO quarterly income fell 14 percent as it continued to be hit by a challenging economic environment, and the Canadian directory publisher said it was confident of maintaining its distributable cash level this year.

The fund, which had a distributable cash of C$751 million or C$1.43 per unit in 2008, expects distributable cash to grow 1 percent to 3 percent in 2010.

Yellow Pages, which operates the directories and vertical media segments, forecast online revenue from both segments to grow about 20 percent in 2010.

The fund sees adjusted revenue of about C$1.39 billion ($1.29 billion) to C$1.42 billion from its directories segment in 2010.

For the second quarter, it reported net earnings of C$116.8 million, or 23 Canadian cents per unit, compared with C$135.7 million, or 26 Canadian cents per unit, a year ago.

Revenue fell 3 percent to C$417.5 million.

Distributable cash for the second quarter fell 5 percent to C$181.7 million, or 35 Canadian cents per unit.

Units of the Montreal, Quebec-based company were trading down 9 Canadian cents at C$5.06 Thursday afternoon on the Toronto Stock Exchange.

$1=1.077 Canadian Dollar Reporting by Sakshi A Mattoo and Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair, Anne Pallivathuckal

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