May 5, 2010 / 11:05 AM / 7 years ago

UPDATE 1-Torstar posts profit as costs decline

* Q1 EPS C$0.09 Vs yr-ago loss of C$0.27

* Q1 EPS slips 1.4 pct to C$334.2 mln

TORONTO, May 5 (Reuters) - Torstar Corp (TSb.TO), which is bidding for the newspaper and online businesses of Canwest Global Communications CGS.V, said on Wednesday it posted a first-quarter profit, helped by lower costs and improved results from its newspaper and digital segment.

The publisher of Canada's biggest daily newspaper, the Toronto Star, it earned C$7.4 million, or 9 Canadian cents a share, in the three months to the end of March.

That compared with a loss of C$21.4 million, or 27 Canadian cents a share in the same period a year earlier.

Revenue fell 1.4 percent to C$334.2 million in the quarter.

Torstar said this week it had submitted an offer for the newspaper and digital businesses of Canwest, which are in bankruptcy protection. There is a minimum C$950 million price tag on the assets, which include the National Post, Calgary Herald and Vancouver Sun newspapers, a number of websites and 25 community newspaper titles. ($1=$1.025 Canadian) (Reporting by Euan Rocha; Editing by Derek Caney)

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