Canwest Global Communications Corp. reported today (July 10) that its publishing revenues are down $138 million in the first nine months of this fiscal year.

The parent company, which includes the broadcasting assets, lost $109.6 million in the most recent quarter, which ended May 31. Over nine months, it has lost $1.58 billion including a $1.2-billion writedown earlier this year.

Canwest owns 13 daily newspapers, including the Vancouver Sun, Province, and National Post. It also owns 26 community papers including the Vancouver Courier, North Shore News, Richmond News, Royal City Record, Delta Optimist, and Now papers.

Canwest acknowledged in its news release that Canwest Limited Partnership, which is the corporate name of the publishing arm, is “in default under the terms of its senior credit facilities”.

Publishing advertising was off 18 percent, but that was slightly offset by an increase in circulation revenue over the nine-month period. Employment advertising was down 60 percent in the third quarter compared to the same period a year ago, whereas real estate advertising was off 47 percent, and automobile advertising declined 21 percent.

In the March 1 to May 31 period, Canwest circulation volume fell seven percent over the same period a year ago, according to the company’s management discussion and analysis document, which was released today.

Canwest reported that circulation was approximately 23 percent of publishing revenue from March 1 to May 31. That’s up from 19 percent of publishing revenue during the same three months of 2008.

Canwest recently announced a $1 monthly increase in home-delivery fees to the Province and Vancouver Sun, effective August 1.