Torstar Q1 profit on newspaper and digital revenue

Toronto Star parent Torstar reported a first-quarter profit Wednesday on improved results from its newspapers and digital assets. "The newspaper and digital division was the driver of the growth with earnings in the division increasing by $17.1 million from $7.2 million to $24.3 million," President and CEO David Holland told analysts. Torstar earned C$7.4 million or 9 Canadian cents in the first quarter, up from a loss of $21.4 million or 27 Canadian cents in the year-ago period, which included a substantial restructuring charge. Revenue fell to C$334 million from $339 million a year ago, but EBITDA soared 80% to $44.7 million. In the Star Media Group, including the Toronto Star, Canada's biggest daily, revenue was up 4.7% to $107.1 million, said the group's publisher and president, John Cruickshank.