TORSTAR NEWSPAPER DIVISION LEADS PROFIT
By Adnews Staff
Torstar Corp.'s newspaper operations have doubled the company's first-quarter earnings. Net income jumped from $9.8 million to $20.8 million because of lower newsprint prices a 10% increase in newspaper advertising linage. Operating profit for the company's newspaper division rose to $26.2 million from $4.8 million during the same period last year. Profit of The Toronto Star alone jumped to $14.7 million from $1.4 million. Advertising revenue rose 12% because of a 10.4% rise in run-of-press advertising linage. National advertising was up 18%, employment up 21%, travel ads increased by 22% and retail jumped 6%.
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