Torstar Profits Fall 25 Per Cent

Revenue fell 6.8 per cent to $351.7 million in the quarter ended March 31, while operating profit declined by 25 per cent to $36.2 million. A $20.8-million restructuring charge to cover 160 job cuts contributed to a net loss of $3.5 million, or four cents a share, which compared to net income of $15.7 million, 20 cents a share, in the first quarter of 2007. Even without the restructuring charge, net income would have declined to $10.3 million, or 13 cents a share.

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