Profits more than double at Newcap

DARTMOUTH, NS - Newfoundland Capital Corp. more than doubled its fourth quarter and 2011 profits thanks to strong revenue growth and the sale of its two Winnipeg radio stations. The radio broadcaster saw profits for the quarter ended December 31, 2011 of $13 million, up from $4 million in the same quarter last year. Year-to-date profits of $26.1 million were $14.5 million higher than 2010. Quarterly revenue of $34.7 million and year-to-date revenue of $126.6 million were both 9% higher than 2010 results, which the company attributed primarily to organic (same-station) growth in the broadcasting segment. Earnings before interest, taxes,...