TVA Group’s revenues continue to decline, notably due to lower demand for advertising. In the first quarter, the Quebec company saw its revenues decrease by 5.1% compared to the same period last year.
In a press release released Monday evening, TVA Group indicated that its revenues increased from $136,103,000 in the first quarter of 2023 to $129,161,000 for the same period a year later. This represents a year-over-year decrease of $6,942,000.
The company also reported a net loss attributable to shareholders of $17,903,000, or 41 cents per share, for the quarter ended March 31. This result still represents an improvement compared to the loss of $23,533,000, or 54 cents per share, reported for the same period last year.
According to the interim president and CEO of TVA Group, Pierre Karl Péladeau, the first quarter results, “although they show an improvement in most sectors, remain greatly affected by the decrease in revenues.”
Revenues from advertising, among other things, increased from $68,780,000 in the first quarter of 2023 to $63,015,000 for the corresponding period in 2024.
Mr. Péladeau also noted that the year 2024 is a year of transition during which the company continues to deploy its reorganization plan announced on November 2, which included the elimination of more than 500 positions.
“We are actively continuing to implement our reorganization plan, continuing to deploy all necessary efforts and making the necessary decisions in order to overcome the challenges of the new media reality and ensure the sustainability of our activities,” mentioned Mr. Péladeau.
The TVA Group will hold its annual meeting of shareholders late Tuesday morning.