HOLLINGER REPORTS JUMP IN PROFIT
By Adnews Staff
Hollinger International's newspaper chains have reported improved profits for the second quarter ending June 30, 1997 because of strong advertising sales, lower newsprint prices and acquisitions. Profits for the quarter reached $28.1 million, compared to $10.9 million during the same period last year. Net earnings for the quarter were $23.3 million for the second quarter of 1997, compared to $11.8 million during the same quarter in 1996. Total operating revenue was $562 million, compared to $532.7 million last year. Included in both quarter 1997 and 1996 are results for the Canadian newspapers, both owned directly and those controlled through Toronto-based Southam Inc. At Southam, net income was $34.9 million, compared with $14.5 million last year. Newspaper group revenues rose by 20%.