Net profits jump at New York Times Co

Net profits at the New York Times Co more than tripled in the fourth quarter, helped by cost-cutting, an improving ad market and lower pension costs.

The publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers reported a 14.7 per cent fall in ad revenues compared with a year ago, an improvement on the 26.9 per cent fall seen in the third quarter. Its newspapers saw a 20 per cent ad decline, but internet advertising grew 10.6 per cent after a year of decline. That helped the Times Co earn $90.9m (£58m), or 61c per share. Excluding exceptionals, earnings came in at a better than expected 44c per share.