TVA Group’s net loss increased in the first quarter of 2023 on lower sales at its Quebecor subsidiary.
The company on Monday reported a net loss of $23.5 million for the first months of the year, compared to a loss of $13 million in the corresponding quarter of 2022.
More broadly, TVA Group reported gross sales of $136.1 million for the first few months of the year, down $8.4 million from a year earlier.
“First quarter results continue to be impacted by a decline in profitability affecting all of our businesses,” TVA Group Interim President and Chief Executive Officer Pierre Karl Péladeau said in a press release.
In particular, the company regretted a decline in profitability of the group’s TVA network and specialty channels. However, broadcaster TVA Sports reduced its net loss through both an increase in revenue and a decrease in expenses, mitigating the bad news from other channels.
In February, TVA Group and other Quebecor affiliates announced a total of about 240 layoffs.
“Despite the implementation of our restructuring plan announced on February 16, our cost reduction measures, while not sufficient over this period, were insufficient to offset the impact of the challenges faced by the various industries in which we operate. ‘ confirmed Mr. Péladeau.
The entrepreneur once again bemoaned the competition from the largely state-subsidized Société Radio-Canada and the web giants, which do not have the same standards for producing Canadian content as local companies.
“We have to fight with unequal weapons against these players, which take a significant part of the advertising revenue and thus further weaken the media in Quebec and the current ecosystem of our television,” lamented Mr. Péladeau.