Newcap to tighten spending after profits drop 36%

DARTMOUTH – Despite an increase in revenues, second quarter profits at Newfoundland Capital Corp. fell 36%. Profits for the period ended June 30 were $3.8 million, a steep drop from $5.9 million reported in the same quarter last year. The radio broadcaster said that impacting year-over-year comparisons were unrealized mark-to-market losses of $0.6 million in the quarter. Revenue of $34.3 million was 3% higher than last year due to a combination of “organic increases” as well as incremental revenue from its two recently acquired stations in British Columbia. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 17% to $9.2 million due...