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Washington Post Co. net profit soars
AFP - Saturday, November 6
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Washington Post Co. net profit soars
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WASHINGTON (AFP) - – The Washington Post bucked the industry trend and reported a modest gain Friday in print advertising revenue in the third quarter.
The Washington Post Co. said print advertising revenue rose three percent at its flagship newspaper in the quarter to 72 million dollars but is down four percent over the first nine months of the year compared with a year ago.
The Post Co., which owns the Kaplan higher education business and television operations in addition to The Washington Post, said net profit more than tripled in the quarter to 60.9 million dollars.
Revenue increased seven percent to 1.19 billion dollars with revenue at Kaplan, which offers test preparation, tutoring and other services, up nine percent to 743.3 million dollars.
After selling money-losing Newsweek magazine to audio tycoon Sidney Harman for one dollar in September, the Post Co. reported improved results at its publishing division, which includes The Washington Post and online news sites.
Newspaper publishing division revenue increased five percent to 163.4 million dollars and the division narrowed its operating loss to 1.7 million dollars from an operating loss of 23.6 million dollars a year ago.
Revenue from the Post Co.'s online publishing activities, WashingtonPost.com and Slate magazine, increased 21 percent to 27.2 million dollars.
Cable television division revenue declined to 188.7 million dollars from 189.6 million dollars while television broadcasting division revenue was up 29 percent to 83.2 million dollars.
Washington Post Co. shares rose 1.07 percent to 388.01 dollars in early trading on Wall Street.
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