TVA Groupe posted a first-quarter net loss of $10.2 million, hit by lower advertising revenues in its television division, despite strong ratings.
Pierre Dion
The TV and publishing subsidiary of Quebecor Ltd. lost 43 cents per share, compared with a net loss of $5.9 million, or 25 cents per share, in the same quarter of 2013.
TVA Groupe had lower revenues of $105.3 million, down from $111 million year-over-year.
The company’s television division had lower revenues of $90 million compared with $98.1 million year-over-year.
The publishing division, which includes magazines, had higher revenues of $15.1 million versus $13.9 million in the same quarter last year.
“The television segment’s first quarter 2014 financial results fell short of our expectations,” said president and CEO Pierre Dion.
“Advertising revenues are under heavy pressure despite strong ratings,” Dion said in a news release on Tuesday.
Robert Depatie stepped down as CEO of parent company Quebecor at the end of May for health reasons. He was promoted to the post last May when Pierre Karl Peladeau stepped down. Peladeau was elected as a Parti Quebecois candidate in the recent provincial election, although the party was knocked from power by the Liberals.
Quebecor reports its first-quarter earnings on Thursday.
