MONTREAL – TVA Group kicked off 2014 amidst heavy losses, especially in its television division.
The Quebecor–owned communications company recorded a net loss attributable to shareholders in the amount of $10.2 million for the period ended March 31, 2014, almost double its $5.9 million loss in the same quarter of 2013. Consolidated adjusted operating loss totalled $6.03 million this quarter, compared with adjusted operating income of $895,000 year-over-year.
An adjusted operating loss of $8.2 million in the Television segment was attributed to the combined impact of a 5.8% decrease in advertising revenues and higher content expenditures. The Publishing segment generated adjusted operating income of $2.19 million.
President and CEO Pierre Dion acknowledged that the company’s TV segment results “fell short of our expectations".
"Advertising revenues are under heavy pressure despite strong ratings”, he said in a statement. "The Publishing segment registered healthy growth in adjusted operating income because of the inclusion of the results of our latest acquisition, La Semaine magazine, and 5.3% growth in newsstand sales of our other magazines.”
