Toronto Star publisher Torstar's quarterly sales falls 7 pct

Wed May 7, 2014 7:02am EDT

May 7 (Reuters) - Canada's Torstar Corp said first-quarter sales slipped, hurt by an 8 percent fall in revenue at its media business, which publishes the country's largest daily newspaper the Toronto Star.

Operating revenue from the media business fell to C$211.3 million ($194 million) in the quarter ended March 31, from C$229.8 million, a year earlier.

The company's total sales slipped 7 percent to C$292.4 million.

Net income attributable to shareholders rose 70 percent to C$7.1 million, or 9 Canadian cents per share, as operating costs fell 7 percent.

Torstar said last week it would sell its Harlequin romance novel publishing business to News Corp for C$455 million. ($1 = 1.0893 Canadian Dollars) (Reporting by Sayantani Ghosh in Bangalore; Editing by Savio D'Souza)

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