The Globe and Mail's Susan Krashinsky Robertson reports:
"Cost-cutting initiatives helped Torstar Corp. to narrow its losses in 2017, as revenue continued to decline.
"The company, which owns daily newspapers including the Toronto Star and The Hamilton Spectator, as well as community papers and websites, reported fourth-quarter and full-year financial results on Wednesday. It had operating revenue of $615.7-million for 2017, down 11 per cent from $685.1-million in the prior year. The company's net loss for the year was $29.3-million, an improvement from a $79.9-million loss in 2016.
"For the three months ended Dec. 31, 2017, Torstar reported segmented operating revenue of $189.5-million, down 9.2 per cent from the fourth quarter of 2016. Net income from continuing operations was $7.8-million, or 10 cents a share, up from $0.7-million or 1 cent a share a year earlier. The improvement was largely a result of reductions in costs, as well as the benefit of a digital media tax credit."
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