Corus raises Q1 earnings, despite overall revenue fall
Despite reduced overall revenue on lower TV advertising sales, Canadian indie broadcaster Corus Entertainment posted higher first-quarter earnings on Monday.
Toronto-based Corus saw Q1 earnings rise to $54 million during the three months to Nov. 30, 2012, against a profit of $52.7 million in 2011.
That profit jump came despite overall revenue of $226.1 million falling 5% from a year-earlier $236.9 million.
TV revenue fell 6% to $173.8 million, against a year-earlier $185 million, as a 1% rise in subscriber revenues was offset by a 3% fall in specialty ad revenue and a 25% decline in merchandising, distribution and other revenue.
Radio revenue was up 1% to $52.3 million, as strong radio station ratings and economic conditions in western Canada offset “softness” in Manitoba and Ontario, according to Corus.
From Playback Daily
Tags: Corus Entertainment