Torstar posts Q3 profit recovering from year earlier loss

Lagging newspaper and digital sales continued to plague Torstar Corp. as the company turned a year-ago loss into a modest profit in the third quarter on lower corporate costs and continued growth at its book publishing division. The media company that owns the Toronto Star and other newspapers, as well as the Harlequin book-publishing business, reported Wednesday net income of $4 million or five cents per share in the quarter ended Sept. 30. This was an improvement from a year-ago loss of $740,000 or one cent per share.
Despite that Scotiabank downgraded the stock. See post below.