SUN MEDIA REPORTS JUMP IN REVENUES
By Adnews Staff
Toronto-based Sun Media Corp. has reported a 22.9% increase in revenues for the second quarter ending June 27. Revenues reached $144.1 million, compared to $117.3 million during the same period last year. Excluding the impact of acquisitions, revenues jumped 6.6%. Operating income was $30.2 million, an increase of $4.9 million over 1997. For the first six months of the year, the publishing company had a 30% increase in revenues. Revenues were $269.9 million, compared to $207.2 million last year. Adjusting for acquisitions, revenues rose 7%. Operating income was $51.5 million, an increase of $11.4 million over 1997.
Sun Media announced earlier this week that it is swapping its 80% interest in The Financial Post Company for cash and four Southern Ontario daily newspapers from Southam Inc. of Toronto. Sun Media also publishes The Toronto Sun, The Edmonton Sun, The Calgary Sun, The Ottawa Sun and The London Free Press.