Vancouver's Glacier Media Inc. (TSX:GVC) reported a 22.4% increase in revenue to $68.9 million from $56.3 million and a 25% increase in net profit to $13.1 million from $10.4 million in its second quarter ending June 30, 2008, compared with the same period last year.
Growth in all segments of the company's news and information business in Western Canada was cited as the main driver of the strong quarterly performance. The company reported double-digit growth in earnings before income taxes (EBITA) from its various divisions because of Western Canada's buoyant economy.
The company's mining, energy and agricultural publications and information products continue to experience robust revenue growth as a result of strength in the sectors.
Glacier, which owns Business in Vancouver Media Group, distributes approximately 1.4 million copies of local newspaper across Western Canada. It also produces a number of trade publications and information products.
Glacier's revenue for the six-month period ending June 30, 2008, rose 16% to $127.7 million from $109.7 million in the same period in 2007. Net income rose 42% to $21 million from $14.8 million.
Glacier's share price range during the past week: between $3.35 and $3.58; 52-week high: $5; 52-week low: $3.20.