Halterm Income Trust sale buoys Newfoundland Capital in first quarter

DARTMOUTH, NS – Radio broadcaster Newfoundland Capital Corp. Ltd. recorded a $7.4 million profit in the first quarter ended March 31 mainly due to a $10.5 million gain on the sale of its units of Halterm Income Fund Trust. Profits for the quarter were $6.2 million more than the same quarter last year, with proceeds from the sale of Halterm Income going to repay long-term debt. Revenue grew 5% to $19.5 million in the company’s broadcasting operations. “The 5% total increase in broadcasting revenue is in-line with the radio advertising industry’s average growth rate of 5.1% for the same period,”...