Yellow Media posts lower Q2 profits as print revenues weaken further
MONTREAL – Yellow Media Ltd. announced that profits dropped 45 per cent in the second quarter on decline of print revenues.
The publisher of the Yellow Pages directories said net earnings fell to $27.6 million, or $1.01 per share, compared to $50.3 million or $1.81 per share a year ago.
Revenues slid 9.3 per cent to $220.6 million, from $243.2 million, mainly from continued weakness in its print operations.
The company said print revenues dropped 22.5 per cent over the same time last year to $112.2 million.
Meanwhile, digital revenues grew to $108.4 million, representing 49.1 per cent of total revenues, up from 40.5 per cent during the same period in 2013.
Yellow Media competes with big search engines Google, Yahoo and Bing as well as small digital companies to attract consumers who are the Internet to search for businesses and services.
© 2014 The Canadian Press