Corus Entertainment saw its net income dip last quarter but reported generally positive numbers last week despite the ill health of the economy and the ad market.

Net income at the TV and radio conglomerate fell to $29 million for the period ending Feb. 28, 2009, down from $35.4 million for the same period last year – though Corus attributes a portion of this drop to its unusual quarter in ’08, which was boosted by $13.2 million in ‘recoveries related to income tax changes.’

Revenues were up 1% to $181.4 million, fueled by the television division, which rose 5% on the strength of subscriber growth and ‘advertising targeted to women.’ Corus cleverly owns three female-aimed cable channels – W Network, Cosmo and Viva – along with family outlets such as YTV, Treehouse and Movie Central.

Radio revenues were down 6% to $57.6 million, with profits down by 31% to $7.1 million.

‘We are proud to have delivered both revenue and segment profit growth in such challenging economic times,’ said Corus president and CEO John Cassaday in the quarterly report. ‘Strong brands, superior programming, rigorous cost controls and multiple revenue streams helped offset the effects of a cyclically soft Canadian advertising market.’

From Playback Daily