November 3, 2010 / 10:37 AM / 8 years ago

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

* 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below