Despite a 9 percent drop in print advertising revenue, the Washington Post Co. reported a more than four-fold increase in quarterly net profit on the back of cost-cutting measures.
The Post Co.said fourth-quarter net profit rose to $82.2 million from $18.8 million a year ago.
For the year, the company reported a net profit of $91.2 million, up from $65.8 million the previous year.
Revenue rose six percent in the fourth quarter to $1.24 billion and was two percent higher for the year at $4.6 billion.
The Post Co. said strong revenue growth in the education and cable divisions was partially offset by revenue declines at its newspaper and magazine publishing and TV broadcasting operations.
The Post Co. owns Kaplan educational services and cable TV operations in addition to Newsweek magazine and the Washington Post itself.
As part of cost cutting measures, the company has closed its last three domestic bureaus in the United States and cut staff by hundreds.
Revenue from the education division revenue increased 16 percent in the fourth quarter to $709.3 million and was four percent higher in the cable television division at $190.6 million. Television broadcasting division revenue fell seven percent to $80.2 million.
At the same time, earnings from newspaper publishing division fell four percent in the fourth quarter to $193.3 million and were 15 percent lower on the year at $679.3 million.
Print advertising revenue declined nine percent in the fourth quarter to $92.6 million and was 23 percent lower for the year at $317 million.
Online revenue, mainly from WashingtonPost.com, was up one percent in the fourth quarter to $31.5 million but declined by eight percent for the year to $99.6 million.
In an indication that things probably were moving in the right direction, the newspaper division recorded an operating profit of $3.2 million in the fourth quarter compared to an operating loss of $14.4 million a year ago.
For the year, the newspaper division posted an operating loss of $163.5 million, down from $192.7 million in 2008.
Shares of the company rose $10.10, or 2.45 percent, to $422.23.