* Q4 EPS C$0.31/unit vs C$0.41/unit last year
* Q4 revenue drops 8.2 pct to C$28.2 mln (Follows alerts)
March 18 (Reuters) - Canada's FP Newspapers Inc posted a lower quarterly profit, hurt by a dip in advertising revenue.
The company, which holds a 49 percent stake in FP Canadian Newspapers Limited Partnership (FPLP), posted net earnings of C$2.2 million, or 31 Canadian cents a unit, down from C$2.8 million, or 41 Canadian cents a unit, last year.
Revenue at FPLP, which publishes Winnipeg Free Press and Brandon Sun daily newspapers, fell 8.2 percent to C$28.2 million.
Revenue from display advertising including color, which is FPLP's largest advertising revenue category, decreased 5.3 percent to C$13.1 million.
FP Newspapers, formerly a fund, was converted into a corporation after the close of business on Dec. 31.
Shares of the Winnipeg, Manitoba-based company closed at C$6.30 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)