quarter reported increases in its telecommunications revenue that were offset by declines in its news media and interactive technologies divisions.
The net loss attributable to shareholders was $45.1 million (or $0.73 per basic share), compared to a $65.5 million net profit in the same quarter a year earlier. While declining news media revenues were a contributing factor, Quebecor said the loss was mainly due to $130-million non-cash writedown of the valuation of financial instruments.
Overall revenues were at $1.09 billion, an increase of $8.6 million (0.8%) over Q2 2012. Quebecor’s telecommunications business reported revenues of $30.8 million, a 4.8% increase over the same period in 2012. News media revenues, meanwhile, were at $25.6 million, a 10% decrease compared to the same period a year earlier. Revenues for Quebecor’s interactive technologies and communications division also decreased 9.1% from Q2 2012 to $3.6 million.
Last month, Quebecor-owned Sun Media Corp. closed 11 newspapers, resulting in a loss of 360 jobs.
President and CEO Robert Dépatie, said in a release that the closures are expected save the Sun Media approximately $55 million. “Sun Media Corporation intends to use the savings to support continued investment in and expansion of its newspapers and publications, particularly on digital platforms,” said Dépatie.
