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News from Reuters

Torstar posts lower third quarter profit

04/11/09

(Reuters) - Book and newspaper publisher Torstar Corp reported a 76 percent drop in quarterly profit from continuing operations, hurt by restructuring charges and weakness at its newspapers and digital segment.

"We continue to anticipate newspapers and digital revenue to be soft for the balance of 2009," Chief Executive David Holland said in a statement.

For the third quarter, the publisher of the Toronto Star -- Canada's biggest daily newspaper -- posted net income from continuing operations of $4 million, or 5 Canadian cents per share, down from $16.6 million, or 21 Canadian cents, last year.

Revenue fell 7.4 percent to C$343.7 million.

Analysts on average were expecting earnings of 13 Canadian cents a share, on revenue of C$350.1 million, according to Thomson Reuters I/B/E/S.

Newspapers and digital revenue fell 12.6 percent to C$221.2 million.

The Toronto-based company's shares closed at C$7.46 Tuesday on the Toronto Stock Exchange.

(Reporting by Koustav Samanta in Bangalore; Editing by Deepak Kannan)

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