Corus Entertainment reports Q1 profit down, TV ads help revenue edge higher
|Toronto Star 11 Jan 2019 at 07:07|
The television, radio and production company says its profit attributable to shareholders fell to $60.4 million or 28 cents per diluted share for the quarter ended Nov. 30 as amortization charges rose due to the accounting change. The result compared with a profit of $77.7 million or 38 cents per diluted share a year ago.
On an adjusted basis, the company said it earned $70.1 million or 33 cents per share, down from $78.9 million or 38 cents per share in the same quarter last year.
Analysts had estimated 40 cents per share of adjusted earnings, according to Thomson Reuters Eikon.
Revenue totalled $467.5 million, up from $457.4 million and above the estimate of $451.2 million, as television revenue increased to $426.2 million compared with $415.5 million a year ago.
Radio revenue amounted to $41.3 million, up from $41.9 million.
Corus owns specialty and conventional television stations, including the Global Television network as well as radio stations, a children’s book publishing business and other services.