Newcap profits jump 148% in 2013; CEO Steele predicts “transformational year”

DARTMOUTH, NS – Newfoundland Capital Corporation recorded a 148% increase in profits for 2013, while revenues rose by 3%.The radio broadcaster said there were several factors impacting profit year-over-year which at $27.0 million was $16.1 million higher than 2012. The company recognized a gain on disposal of its operation is Fort McMurray, AB station, benefited from lower mark-to-market unrealized losses in addition to a $5.3 million reduction of the income tax provision. In contrast during 2012, the company recorded a net impairment charge of $6.6 million, and $2.2 million of mark-to-market unrealized losses which negatively impacted profit.Revenue for the year ended...