Shares in CanWest Global Communications Inc. tumbled after the television and newspaper giant said Wednesday it had lost almost $33 million in the first fiscal quarter and might breach some of the conditions regarding credit facilities negotiated in November.

CanWest's stock was down 35 per cent, or 28 cents a share, at the close of trading, falling to 52 cents.

The company, which owns the Global television network and National Post newspaper, among other international media assets, said it lost $32.6 million, or 18 cents a share, for the three months ended Nov. 30.

That compares to earnings of $40 million, or 23 cents a share, for the same period one year earlier.

CanWest said ad revenue was weak in the period, although overall revenue inched up two per cent.

3-month stock chart for CanWest Global Communications Inc.

That poor outlook will persist into the coming quarter, CanWest said.

"Advertising revenue will continue to be negatively impacted by persistent uncertain economic conditions," the company said in its financial statements.

More ominously, perhaps, CanWest said it might have trouble keeping the financial ratios it promised to maintain when it renegotiated $3.7 billion in the debt covenants in November.

The move does not mean CanWest is in imminent danger of defaulting on the loans. But it appears to indicate that the company's ability to carry more debt might be hampered.

CanWest shares are driving towards its 52-week low of 34 cents rather than its year high of $6.42.

In November, coinciding roughly with the time the company's stock broke the $1 barrier on the downward slope, the federal regulator ruled against CanWest and CTV in their bid to charge new fees for programming.

In addition, the credit crunch has thrown companies with excess debt or problems raising cash under the financial microscope.