The recession may be waning but it still packs a nasty sting in its tail, as the latest quarterly results from the New York Times Company prove.

The group, which also owns The Boston Globe and other regional newspapers, reported Q4 income down by 46 percent, the result of a weak advertising market which failed to offset cost-savings. The quarter proved the worst of 2001 for advertising in year-on-year terms, down 19.8 percent across all group newspapers.

Net income reached $74.1 million (or 48 cents a share), down from $137.8 million (83 cents) year-on-year, when the sale of three regional newspapers in Q4 2001 bolstered income. Revenue dove to $780.6 million from $927.1m.

News source: New York Times