Postmedia Network Canada Corp. reported a print advertising decline of $17.7 million, or 13 per cent, in its third quarter of 2013 as digital revenues rose by about two per cent from a year earlier. For its third quarter ending May 31, the company, which owns a national chain of newspapers and websites including the National Post and the Ottawa Citizen, reported a net loss of $112.2 million, Postmedia said in a release Wednesday. Total revenue in the three-month period was $191.8 million, falling $20.2 million, or 9.5 per cent, from the same period a year earlier. Print circulation revenues fell by $3.1 million, or 5.9 per cent, during the three-month period, while digital revenues rose by $500,000, or 2.2 per cent, “relative to the same period in the prior year,” the release said. Declines in newspaper circulation volumes were partly offset by price increases, the company said. Postmedia said it is continuing with a three-year transformation program that aims for annual cost savings of 15 to 20 per cent, and that as of May 31, it had implemented annual savings of about $4 million. “The transformation of Postmedia continued this quarter with the roll out of our paid content model to all of our newspapers, traction on our cost savings initiatives and the completion of our organizational redesign to a functional operating model,” Paul Godfrey, chief executive of Postmedia, said in a statement. “We will continue on this path, transforming a traditional media company into one that leverages future opportunities with a structure that supports a new model,” he said.