Newcap sees Q4 profits tumble 31%; eyes new “opportunities for expansion”

DARTMOUTH - Newcap Radio owner Newfoundland Capital Corporation credited its Ontario broadcasting operations for an uptick in fourth quarter revenues.For the period ended December 31, 2017, revenues of $47.4 million were up 1% from $46.9 million year-over-year, while adjusted EBITDA grew 10% from $16.7 million to $18.4 million as a result of higher revenue and reduced operating costs.Profits for the period fell 31% to $7.2 million, primarily because of an impairment charge of $5.5 million related to certain rural Alberta broadcast licences recognized in 2017, which had an after-tax impact of $3.9 million on the fourth quarter and year-to-date results.The company...