Skip to main content

The Globe and Mail

Torstar revenue falls as weaker ad market affects media sales

A pedestrian walks past a Toronto Star newspaper box in front of the Toronto Star building at One Yonge Street in Toronto.


Torstar Corp. says slightly improved operating profit at its Harlequin book-publishing division in the second quarter partially offset a decline at its Media division, which has been coping with a tough advertising market.

Torstar's net income was $35.7-million or 45 cents per share and adjusted EPS was 44 cents. Operating profit at the Media division, including restructuring charges, fell to $34.6-million from $42.7-million a year ago while book publishing operating profit improved to nearly $18-million from $16.3-million.

A year earlier, net income was $112.7-million or $1.42 per share, although that included an unusual gain of $74.6-million or 94 cents per share from the sale of Torstar's investment in CTV Inc.

Story continues below advertisement

Adjusted income a year ago, to exclude the CTV transactions and other items, was 51 cents per share in the second quarter of 2011.

The Toronto-based publishing company says its overall revenue for the quarter ended June 30 slipped by 2.4 per cent from a year ago to $383.9-million.

The Media division accounted for $276.8-million of the revenue during the quarter, down from $283-million a year ago, and book publishing contributed $107-million, down from $110.3-million.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at