SOUTHAM PROFIT FALLS
By Adnews Staff
Toronto-based Southam Inc. has reported a 40% decrease in operating income for its newspaper division in the quarter that ended March 31. The unit's operating income was $7.9 million. Advertising for 17 of its 20 dailies rose 4%, while circulation revenue jumped 9%. The company bought three dailies in Southern Ontario after the quarter ended. Overall, Southam's profit fell almost 30% from the same quarter in 1995 because of high newsprint costs. The company cleared $2.4 million, compared with $3.4 million a year earlier. Revenue rose 4% to $206.2 million.
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