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Postmedia Revenue of $ 118.1 Million, Driven by Digital Growth

Digital revenues climb 36%

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Postmedia Network Canada Corp. saw its revenue increase to $ 118.1 million in the first quarter of 2022, up 1% from the same period last year.

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The company, which owns a chain of media properties across the country including the Financial Post, attributed the increase largely to a $ 9 million increase in digital revenue. Postmedia also saw its total ad revenue increase 8.4% from a year ago for the three months ending November 30.

“We are delighted to report strong growth in digital advertising revenue this quarter,” Postmedia President and CEO Andrew MacLeod said in a statement. “Great uncertainty remains as we continue to manage this unpredictable environment. Nonetheless, we maintain a strong focus on executing our strategy. “

Digital revenue grew 36%, with online advertising revenue increasing about 44% year-over-year. This was offset slightly by a decrease in print advertising revenue of $ 3.7 million or 8.4 percent.

Postmedia’s total operating expenses increased $ 6.4 million (or 6.4% for the quarter) from a year ago as the company saw reduced federal government benefits from the Wage Subsidy Emergency Department of Canada (CUSH). Net loss for the quarter was $ 4.4 million compared to net income of $ 52.8 million for the same period last year.