November 3, 2010 / 10:37 AM / in 7 years

UPDATE 1-Yellow Media posts Q3 profit on higher online sales

* Q3 EPS C$0.15 vs loss/shr C$0.33 last yr

* Revenue up 5 pct

* Sees growth in diversifying digitally

Nov 3 (Reuters) - Media and marketing company Yellow Media Inc YLO.TO reported a quarterly profit, helped by an increase in online revenue, and said it was shifting to digital services to sustain the growth.

The company, which completed its conversion to a corporation on Nov. 1 and changed its name from Yellow Pages Income Fund YLO_u.TO, said it expects a stream of new products and initiatives in the coming year to speed up its ongoing digital transformation.

The company earned C$74.7 million, or 15 Canadian cents, a share in the third quarter, compared with a loss of C$168.5 million, or 33 Canadian cents a share, a year ago.

Revenue rose 5 percent to $428.6 million.

Analysts on a average were expecting earnings of 21 Canadian cents a share on revenue of C$418.8 million, according to Thomson Reuters I/B/E/S.

“Advertiser confidence is improving and we are encouraged by early signs of stabilization,” Chief Executive Marc Tellier said in a statement.

Shares of the Verdun, Quebec-based company, which have gained 11 percent in value since August when it reported second-quarter results, closed at C$6.19 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Unnikrishnan Nair)

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