LONDON (Brand Republic) - Hollinger International, publisher of UK broadsheets the Daily Telegraph and Sunday Telegraph, has reported a fall in full-year profits of $52.7m (£36.5m), down from $62.1m (£43m) in 1999, on unchanged revenues of $2.1bn (£1.46bn).
The fall in profits follows the sale of part of its Canadian newspaper operations to CanWest Holdings for $2.1bn (£1.46bn) in November. However, $1.1bn (£762.5m) of the proceeds of the sale was put toward paying off debt.
In the UK, revenue at the Telegraph Group rose by 4.4% to £370.7m, helped by a 13.6% rise in advertising revenue.
The company said it expects to complete the sale of its remaining Canadian newspaper unit later this year, excluding its existing 50% share in Toronto-based National Post, which it co-owns with CanWest.
The company鈥檚 share price remained unchanged this morning at $15.29 (£10.60).