Corus reports $66.4M third-quarter profit, television ad revenue up

Corus reports $66.4M third-quarter profit, television ad revenue up
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TORONTO — Corus Entertainment Inc. had a $66.4-million net profit attributable to shareholders in its latest quarter, as an increase in television advertising helped to boost revenue.

The owner of the Global television network, specialty TV channels and radio stations said the profit amounted to 31 cents per diluted share for the quarter ended May 31.

The profit compared with a net loss attributable to shareholders of $935.9 million or $4.49 per diluted share in the same quarter last year when the company took a $1.01 billion one-time charge.

On an adjusted basis, Corus said it earned $66.1 million or 31 cents per share for the quarter, down from an adjusted profit of $78.1 million or 37 cents per share a year ago.

Revenue in what was the company’s third quarter totalled $458.4 million, up from $441.4 million. Television revenue grew to $421.5 million, up from $403 million a year ago. Radio revenue fell to $36.9 million from $38.4 million.

Analysts on average had expected a profit of 33 cents per share and revenue of $452.4 million, according to Thomson Reuters Eikon.

In May, Calgary-based Shaw Communications announced it was selling its 38 per cent stake in Corus for $548 million through a secondary offering. None of the proceeds from the sale went to Corus.

Companies in this story: (TSX:CJR.B)

The Canadian Press

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