Despite low TV revenue, Corus sees $102.7M profit for Q2

The media company reported consolidated revenues of $368.2 million, nearly doubled from the same period a year ago, helped largely by its acquisition of Shaw Media last year.
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Corus Entertainment posted below-estimate profits in its Q2 2017 financial report, as the company’s TV revenues came in below expectations while its sales, general and administrative expenses jumped to $265.5 million following its acquisition of Shaw Media last year.

The Toronto media company reported consolidated revenues of $368.2 million, up from $197.7 million a year ago, representing a 5% decrease on a pro-forma basis.

Profits for the segment were up 29% to $102.7 million, from $79.6 million last year (a 6% increase on last year’s Q2 financials) though fell short of estimates, which lay between $106 and $111 million.

In total, Q2 profits for Corus’ TV division were up 25% from the previous year, though down 1% on a pro-forma basis when factoring in the inclusion of the integrated Shaw Media assets.

Meanwhile, ad revenues increased 330% in Q2, down 4% on a pro-forma basis, and subscriber revenues increased 40% in Q2 2017, up 1% on a pro-forma basis.

Elsewhere, merchandising, distribution and other revenues decreased 47% in Q2, according to the report.

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