Canwest Global Communications Corp.'s fourth quarter, annual revenue and profits fell as a result of the "extraordinary decline in advertising revenue."
Canwest reported Friday $624 million in revenue for the latest quarter compared to $721 million for the same period in 2008. Operating profit before restructuring and one-time expenses was lower too at $52 million compared to year-ago levels of $60 million. Net loss per share was $0.62 for the fourth quarter resulting in an overall net loss of $111 million.
The media conglomerate's operating profits before restructuring and one-time expenses stand at $462 million for the fiscal year ended Aug.31.
Revenues fell 8% to $2.87 billion for the year. The Winnipeg-based company cited a net loss of $1.69 billion.
In response to dramatically falling ad revenue, the company slashed 16% of its workforce or 1,372 positions this year and reduced its corporate initiatives as well as other operating expenses.
Earlier this month, Canwest was nearly forced to shutdown its flagship daily newspaper the National Post. The Post has never turned a profit for the company and continues to suffer operating losses. Canwest avoided the closure by transferring the asset to a different holding company.
