Newcap posts $1.1 million loss in Q3, revenues up 6%

DARTMOUTH - Newfoundland Capital Corporation recorded a loss of $1.1 million in the third quarter compared to a profit of $4.3 million in 2011. The company attributed the decrease in profit primarily to a $7.5 million non-cash impairment charge resulting from the CRTC’s decision to end the Local Programming Improvement Fund. Year-to-date profit of $3.5 million was down 74% from $9.6 million in the same period in 2011. It blamed the decline on the impairment charge combined with unrealized mark-to-market investment portfolio losses this year of $2.3 million. "We are very pleased that positive revenue growth has continued into the...