The New York Times Co. today reported a $24.2M Q3 deficit on a 1.8 percent uptick in revenues to $361.2M.

CEO Mark Thompson blames the swing from a $2.7M year ago profit to a $34.3M write-off to reflect a loss of on the sale of assets.

The NYTC completed the sale of the Boston Globe and Worcester Telegram & Gazette to investor John Henry for $70M on Oct. 24.

Thompson said the company “made significant progress on its strategic initiatives during the quarter.

He added that “a great deal of work” is still needed to transform its business model.

The NYTC completed the quarter with 728K digital subscribers, up 28 percent from a year ago. That performance helped drive circulation revenue up 4.8 percent to $204M.

Ad revenues slipped two percent to $138M, registering the smallest quarterly slippage in three years.

Thompson expects circulation revenues will grow in the low single digits during the current quarter, while ad sales will slip in the low single digits.

NYTC’s revenues for the nine-month period are flat at $1.1B, but the net loss declined 98.1 percent to $825K.