Broadcasting boosts Corus earnings
Jul 10, 2007 07:30 AM
Canadian press
Corus Entertainment Inc. (TSX: CJR.B) says its third-quarter profit increased to $29.6 million from a year-earlier $23.2 million, led by strong revenue growth from its broadcasting businesses.
Net income for the quarter ended May 31 was 68 cents a diluted share, compared with 54 cents per share a year ago, the Toronto-based company reported Tuesday.
Revenues were up nine per cent at $197.6 million, up nine per cent, with combined radio and television revenue up seven per cent for the quarter and year-to-date.
"We enjoyed another solid quarter with strong ad sales in radio and television," CEO John Cassaday said in a release.
"Our program investments at W Network and Movie Central are driving growth in these key brands and our focus on attracting and retaining strong local talent for our radio properties resulted in another strong ratings performance in the most recent industry survey."
Corus Television contributed quarterly revenues of $109.2 million, up nine per cent, led by specialty advertising growth of 12 per cent and subscriber revenue growth of seven per cent.
Corus Radio revenues were $74.8 million, up four per cent, and Corus Content revenues were $14.6 million, up 34 per cent.