Friday, June 08, 2012

Media (including magazines) ad losses blamed for Transcontinental impairment charge

Despite revenue increasing 6% to C$529.4 million, Transcontinental Inc. posted a quarterly loss of C$106.2 million in the most recent quarter, compared with a net income of C$32 million in the same quarter a year ago, effectively a reversal of C$139. As a result, says a Reuters report,  the company took a non-cash, non-operational impairment charge of $180 million. The loss is attributed to a broad slump in advertising spending in the TC Media unit, which publishes daily and community newspapers and magazines and French-language educational resources.

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Anonymous Anonymous said...

I'm surprised their comprehensive neglect and seemingly mindless resource chopping has taken so long to be reflected in their balance sheet... although I'm sure the surviving big-brains (I count two, generously three) have a plan in waiting? They do have a plan don't they?

3:19 pm  

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