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Torstar swings to loss in Q1

Torstar Corp. said its first-quarter normalized net income came to a loss of 24 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 17 cents per share.

The per-share result swung to a loss from the prior-year profit of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$19.5 million, compared with income of C$2.3 million in the year-earlier period.

The normalized profit margin fell to negative 12.4% from 1.2% in the year-earlier period.

Total revenue decreased 13.5% on an annual basis to C$156.7 million from C$181.2 million, and total operating expenses decreased on an annual basis to C$172.7 million from C$179.7 million.

Reported net income came to a loss of C$53.2 million, or a loss of 66 cents per share, compared to a loss of C$512,850, or a loss of 1 cents per share, in the year-earlier period.