Despite rising revenues, the New York Times Company has reported a 15% drop in third quarter earnings.
The US publisher cited an increase in the cost of newsprint and health care as being primarily responsible for the decline. Advertising revenue rose by 4.9% in September but this could not compensate for falls in July and August.
NYTC posted net income of $50.1 million, down from $59.1 million in the third quarter last year. Revenue rose 4.1% to $759.3 million, with advertising revenue up 2.4% to $480.4 million. This growth can be largely attributed to improved sales at the International Herald Tribune.
Earlier this week, both Gannett and Dow Jones reported a rise in profits for the third quarter of 2003 (see Gannett & Dow Jones Prosper In Q3).
