July 29, 2009 / 11:24 AM / 9 years ago

UPDATE 1-Torstar swings to Q2 net loss

* Revenue falls 6 pct

July 29 (Reuters) - Book and newspaper publisher Torstar Corp (TSb.TO) swung to a quarterly loss, hurt by a charge at its CTVglobemedia business as well as lower revenue at its newspapers and digital division.

The publisher of the Toronto Star — Canada’s biggest daily newspaper — posted a net loss of C$4.4 million, or 6 Canadian cents a share, compared with a profit of C$36.2 million, or 46 Canadian cents a share, a year earlier.

During the second quarter, Torstar’s loss from associated businesses included a charge of C$29.9 million, or 38 Canadian cents a share, related to a valuation allowance that was provided against certain CTVglobemedia’s future income tax assets.

Excluding the impact of valuation allowance, the company earned 32 Canadian cents a share.

Revenue fell to C$373.7 million from C$398.8 million, a year earlier.

Analysts, on average, were expecting the company to earn 29 Canadian cents a share, before special items, on revenue of C$379.1 million, according to Reuters Estimates.

Newspapers and digital revenue was C$249.6 million in the quarter, down 11 percent, with lower advertising revenue in most categories.

“We continue to anticipate that newspapers and digital revenues will be soft for the balance of 2009,” Chief Executive David Holland said in a statement.

The Toronto-based company’s shares closed at C$5.03 Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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