June 7, 2012 / 3:04 PM / 5 years ago

UPDATE 1-Transcontinental posts loss on impairment charge

June 7 (Reuters) - Transcontinental Inc, Canada’s biggest commercial printer, posted a quarterly loss, hurt by an impairment charge at its media unit.

Net loss applicable to participating shares was C$106.2 million, or C$1.31 per share, compared with a net income of C$32.7 million, or 40 Canadian cents per share, a year earlier.

Revenue rose 6 percent to C$529.4 million.

The Montreal-based company took a non-cash, non-operational impairment charge of C$180.0 million due to lower activity at newspaper and magazines in the media unit.

Transcontinental’s media unit, which also publishes magazines, community newspapers and French-language educational resources, has been hit by a broader slump in advertising spending.

Shares of Transcontinental were trading down slightly at C$9.80 on Thursday on the Toronto Stock Exchange.

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