TORSTAR EARNINGS JUMP 45%
By Adnews Staff
Toronto-based Torstar Corp. says higher newspaper and book publishing profits pushed its net income up 45% to $14.1 million for the second quarter ending June 30. Operating profit in the newspaper division rose to $11.7 million during the quarter, compared to $8.5 million during the same period last year. The Toronto Star reported operating profits of $4.3 million for the quarter, compared to $1.3 million a year ago. Advertising revenue was up 5% and circulation revenue increased 13%. An 8% increase in ad rates offset a 2.7% drop in ad linage. The community newspaper division reported an operating profit of $5.9 million, compared to $5.1 million during the same quarter last year. Ad linage was up 1.6% and ad rates increased 8%. For the first six months of the year, operating profit for the newspaper division was $16.5 million, up from $13.2 million. The book publishing division, led by Harlequin, reported an operating profit of $21.6 million, up from $17.6 million.