Yellow Pages Q4 profit up 24 per cent, details of conversion plan outlined

The Canadian Press ~ The News
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MONTREAL - Yellow Pages Income Fund (TSX:YLO.UN) says its net income in the fourth quarter rose 24 per cent to $124.6 million.
That amounted to 25 cents per unit, up from 19 cents per unit or $100.5 million in total net income for the fourth quarter of 2008.
However the Montreal-based publisher of advertising directories says its fourth quarter revenue fell 4.7 per cent from a year before.
The fund's revenue dropped to $405.7 million in the final three months of 2009 from $425.6 million in the fourth quarter of 2008.
The fund also revealed details Thursday about its plans to convert into a dividend-paying corporation as a result of changing Canadian tax rates.
Yellow Pages says it will continue to distribute 80 cents per trust unit annually until next December, then switch to paying a monthly dividend amounting to 65 cents per share annually.

Organizations: Yellow Pages Income Fund, TSX

Geographic location: MONTREAL

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