05:39 PM EDT, 05/06/2024 (MT Newswires) -- TVA Group (TVA-B.TO) on Monday said its first-quarter loss narrowed even as revenue weakened.

The media and broadcasting company said it lost C$17.9 million, or C$0.41 per share, in the period, compared with a loss of C$23.53 million, in the year-prior quarter.

Revenue fell 5.1% to C$129.16 million from C$136.1 million.

"While most segments showed improvement, our first-quarter results were still significantly impacted by lower revenues ... 2024 will be a transitional year in which we will continue to implement the major reorganization plan announced on November 2, 2023, notably by refocusing on our mission as a broadcaster and optimizing our real estate holdings, in order to generate significant savings from these restructuring initiatives over the coming quarters. In this context," acting chief executive Pierre Karl Peladeau said in a statement.

TVA's Class B shares closed down C$0.10 to C$1.42 on the Toronto Stock Exchange.