Quebecor's Q2 profits hurt by weak newspaper advertising despite telecom gains

Quebecor reported Thursday lower than expected earnings for the second quarter as it was hurt by a weak advertising market for its news media business.

The Montreal-based media company earned a profit attributable to shareholders of $67 million or $1.05 per diluted share for the period ended June 30 compared with $55.2 million or 85 cents per share a year ago.

However, the results were boosted by $64.5 million in one-time gains related to financial instruments and a restructuring, offset by a $22.7-million increase in amoritization for the most recent quarter.

The company's adjusted profit from continuing operations fell to $48.7 million or 77 cents per share from $60 million or 93 cents per share a year earlier.

Revenue increased by $33 million to just under $1.09 billion.