(Montreal) TC Transcontinental says its net profit attributable to shareholders amounted to 15.9 million in the first quarter, down from 22.2 million on the same date last year.
The Montreal-based printer, packager and publisher says its revenues totaled $683.2 million, down from $747.2 million in the same quarter last year.
Net income per share was 18 cents, compared to 26 cents last year.
President and CEO Thomas Morin says that during the last quarter, the company continued its cost-cutting initiatives “with determination.”
He assures that TC Transcontinental is seeing the results of its efforts aimed at improving its offering through products with higher added value.
Last February, the company announced the closure of its printing plant in Saint-Hyacinthe, one of several recent closures in its network as demand for packaging and printing is declining.