TV biz drives Corus profit

Corus Entertainment Inc. beat expectations as it reported its second-quarter revenue rose compared with a year ago, boosted by gains in its television business.

The company, which owns specialty and conventional television stations, including the Global television network as well as radio stations, says revenue for the quarter totalled $384.1 million, up from $369.5 million in the same quarter last year.

Television revenue grew to $353.5 million, up from $336.2 million, while radio revenue fell to $30.6 million from $33.2 million.

The growth in revenue came as Corus reported a drop in its second-quarter profit compared with a year ago due to an accounting change in how it values its television brands.

Corus reported its profit attributable to shareholders for the quarter ended Feb. 28 amounted to $6.3 million or three cents per share. That compared with a profit of $40 million or 19 cents per share in the same quarter a year ago.

On an adjusted basis, Corus reported a profit of seven cents per share for the quarter, down from an adjusted profit of 20 cents per share in the same quarter last year.

Analysts had expected an adjusted profit of five cents per share for the quarter and $373.8 million in revenue, according to Thomson Reuters Eikon.

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