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Postmedia Network Canada Corp. continued to feel the effects of the coronavirus pandemic in its fiscal first quarter, but nonetheless posted net earnings of $52.8 million for the three months ended Nov. 30, 2020, up from a loss of $3 million in the same period a year earlier.
The swing was largely due to a number of items unique to the quarter, including a non-cash settlement gain related to employee benefit plans of $63.1 million, and gains on derivative financial instruments and foreign exchange.
Revenue in the quarter declined by 25.4 per cent to $116.9 million, as advertisers responded to government-mandated shutdowns to try to control the spread of COVID-19.
“With the effects of the global pandemic continuing to weigh on our communities and our people, our focus remains on the safety of our teams, preserving liquidity, constraining costs, maximizing revenue and pursuing government support,” said Andrew MacLeod, president and chief executive of Postmedia.
