(MENAFN) The New York Times Co. reported a USD14.3 million loss in the first quarter, hit by a drop in advertising revenues and one-time pension settlement costs, Arab News reported.
The publisher of the prestigious US daily said advertising revenues fell almost six percent, as gains in digital ads failed to offset a steep decline in print ad revenues.
Overall revenues recorded a drop of 1.6 percent from a year ago to USD384 million, despite a modest uptick in circulation income, mainly from digital subscriptions.
"We got off to a solid start in early 2015, as our company maintained its digital momentum," president and chief executive officer said.
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