Published Apr 05, 2023
Postmedia Network Canada Corp., which oversees the country’s biggest newspaper chain, said revenues increased nine per cent in its most recent quarter from a year earlier, led by gains in its parcel-delivery business.
The Toronto-based company said parcel delivery earned $11.8 million during the three months ended Feb. 28, compared with $589,000 in the same period in 2022, when the business was still in its infancy. The gains outweighed declines in Postmedia’s core publishing operations, where advertising revenue dropped 3.2 per cent to $54.5 million and circulation revenue decreased 7.2 per cent to $37 million.
Overall, revenue for the quarter was $111.8 million, compared with $102.5 million a year earlier.
Postmedia, which publishes dozens of newspapers including the Financial Post, the National Post and the Vancouver Sun, recorded a loss of $20.8 million, narrower than the $22.1-million shortfall from the same quarter in 2022.
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