Torstar reports higher profits and revenues

Torstar Corp., publisher of the Toronto Star, reported higher profit and revenues in the final three months of 2010, driven by growth in media operations and ongoing efforts to control costs. The results capped off a strong performance for the year, the company said as it released the earnings report Wednesday. Torstar’s revenue was $416.1 million for the three months ended Dec. 31, up 5.4 per cent from the fourth quarter of 2009. Earnings before interest, taxes, depreciation and amortization, commonly known as EBITDA, for the fourth quarter was $71.5 million, up $1.9 million from the year-earlier period. For 2010, Torstar posted revenues of $1.48 billion, up 1.9 per cent from 2009. EBITDA was $233.6 million, up 22 per cent from 2009. In addition to the Star, Torstar’s holdings include Metroland community newspapers and Harlequin books. Its digital properties include thestar.com and Workopolis.