Crediting the returns in the publishing revenue and the consistency in the print advertising demands, Gannett Company has posted doubled profits in the second quarter of the current fiscal year.
With the emergence of the economy out of the recession, the demand for print advertising has been rising in US.
In addition, Gannett’s TV stations revenues have also yielded good returns, boosted by advertisement demands due to election season and the surge in the advertising trend in the automotive sector.
Over the last two quarters, the Company observed a number of cost-saving measures, managing to reduce the outflow by more than 12% in the second quarter.
Gannett generated incomes worth $195.5 million, or 81% per share, which rose from $70.5 million, or 30 cents a share in the preceding year.
However, Gannett’s revenues dipped 1.6% to $1.37 billion, falling from 1.39 billion in the last year.
Interestingly, the dip has been recognized as the smallest in the last 3 years. The loss was complimented by a 20% increment in the broadcast revenue.
Gannett’s newspaper ad revenue was reportedly low by 4% this June, which is the minimum, recorder since 2007.