The New York Times Co. today reported a $20.1M second-quarter profit, a swing from the $87.6M loss suffered during the year earlier period. Revenue dipped 0.9 percent to $485M.

CEO Mark Thompson attributed the profitable performance to the “ongoing evolution of our digital subscriptions initiatives on the circulation side, the moderation of revenue declines on the advertising side and the continued focus on managing costs.”

The company enjoyed a 40 percent year-to-year surge in paid digital subscriptions to 738K.

Digital ads, which remained flat at $51.2M, accounted for 24.7 percent of overall ad revenues.

The company’s New England group (Boston Globe and Worcester Telegram & Gazette) recorded $94.4M in revenues, down 7.4 percent from 2012. The NYTC will soon unload that operation.

Looking ahead, Thompson said the company is “on track with our strategic growth initiatives.”

He said the NYTC is “well under way in the ramp-up for the fall rebrand of the International Herald Tribune as the International New York Times and with the development work related to our paid products.”

For the six-month period, NYTC earned $23.7M compared to a $45M 2012 deficit.

Revenues fell 1.4 percent to $951.3M.