As the decline in the revenue slowed down near the end of the year, Torstar Corp. managed to post higher profit in the year's last quarter. The stock raised 15% on Tuesday and 7.2% on Wednesday, closing at $7.77. The company said that the net income in the quarter was $57.4 million, or 73 cents a share, as compared with a loss of $213.9 million, or $2.71 a share, in the same period of the previous year.

"We were very pleased with our fourth-quarter operating results and the year as a whole given the economic conditions", said David Holland, President and Chief Executive Officer of Torstar in a conference call.

The revenue from direct sales benefited the e-readers, and especially Amazon. com's Kindle, said Torstar's book publishing division, Harlequin.

By adjusting C$2.3 million in destruction losses and investment write downs, Torstar managed to earn C$59.7 million, or 76 Canadian cents a share.