Postmedia Network Canada Corp. reported Tuesday a $3.9 million net loss for the third quarter of 2011.
“The slow and sporadic recovery in the Canadian economy has affected both consumer and advertiser confidence, and we’re seeing that in our industry,” Paul Godfrey, president and CEO of the company, said in a release.
“Our digital first strategy continues to be the path to our future with our teams focused on innovative approaches to content delivery, audience development and strategic solutions for advertisers and marketers. Delivering shareholder value through debt repayment and the acceleration of revenue generating opportunities will be management’s focus for the rest of this fiscal year and beyond.”
The company said net earnings for the same period last year were $40.6 million, but added that earnings are not directly comparable between Postmedia and the former Canwest Global Communications Corp., which was split up last year when Shaw Communications Inc. bought its broadcasting assets.
The company said its digital first strategy delivered six per cent audience growth during the quarter and an increase of eight per cent in digital revenues.
Print advertising revenue declined $13.8 million (2.5 per cent) during the quarter and print circulation revenue dropped $5.3 million (2.9 per cent).