March 2, 2011 / 12:28 PM / 7 years ago

UPDATE 1-Torstar quarterly operating profit climbs

* Q4 operating profit C$60.2 mln Vs C$55.8 mln a yr ago

* Says rev growth in media unit has slowed from Q4 levels

TORONTO, March 2 (Reuters) - Canadian publisher Torstar Corp’s (TSb.TO) fourth-quarter operating profit rose, as stronger results from its media segment overshadowed weakness in its book publishing business.

Its operating profit before restructuring and other charges was C$60.2 million in the fourth quarter of 2010, up from C$55.8 million a year earlier.

Net income in the quarter fell to C$26.7 million, or 33 Canadian cents a share, down from a year-ago profit of C$57.4 million, or 73 Canadian cents a share. The sharp decline in net income is due to the sale of an equity interest in a media business, the company said.

The company cautioned that early indications in 2011 are that revenue growth in its media business has slowed compared to the growth levels seen in the fourth quarter of 2010.

While newsprint pricing is expected to remain stable, the company expects some increase in pension costs and it also plans to increase investment in its media segment. ($1= $0.97) (Reporting by Euan Rocha; Editing by Derek Caney)

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