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Postmedia Network Canada fiscal Q2 loss narrows YOY

Postmedia Network Canada Corp. said its normalized net income for the fiscal second quarter ended Feb. 29 amounted to a loss of C$8.87 per share, compared with the S&P Capital IQ consensus estimate of a loss of C$6.00 per share.

The per-share loss decreased 92.9% year over year from C$124.80.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$16.6 million, compared with a loss of C$33.5 million in the year-earlier period.

The normalized profit margin increased to negative 8.0% from negative 23.0% in the year-earlier period.

Total revenue grew 43.8% on an annual basis to C$209.1 million from C$145.4 million, and total operating expenses increased 36.5% on an annual basis to C$208.8 million from C$153.0 million.

Reported net income totaled a loss of C$224.9 million, or a loss of C$120.10 per share, compared to a loss of C$58.3 million, or a loss of C$217.50 per share, in the year-earlier period.