Newcap records $5.77 million profit in fourth quarter

DARTMOUTH, NS – Newfoundland Capital Corporation Ltd. reported fourth-quarter net income of $5.77 million, up from the $3.29 profit recorded in the same quarter a year earlier, according to financial results released Monday. The increase was attributed to a future tax recovery related to corporate income tax rate reduction. Revenues for the quarter ended December 31, 2007 were $27.74 million, down 1% from $28.06 million the prior year, due to a slight decrease in broadcasting revenue in the fourth quarter. Operating expenses were $22.7 million in the fourth quarter, down $1.5 million from 2006. The decrease was due to lower...