Corus Entertainment reports 4th quarter profits down

Company earned $22.9 million, down from nearly $33.7 million in the same quarter a year ago

The new Corus logo at Corus Quay in Toronto is shown on June 22, 2018. THE CANADIAN PRESS/Tijana Martin (Tijana Martin/The Canadian Press )
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Corus Entertainment Inc. says it earned $22.9 million in its latest quarter, down from nearly $33.7 million in the same quarter a year ago, as its revenue edged lower.

The parent company of Global Television, specialty TV channels and radio stations says the profit amounted to 11 cents per diluted share for the quarter ended Aug. 31, down from 16 cents in the same quarter last year.

Revenue in what was the company’s fourth quarter totalled nearly $377.5 million compared with nearly $379.1 million a year ago.

Television revenue totalled nearly $343.8 million in the quarter, down from $344.6 million, while radio revenue slipped to $33.7 million from $34.4 million.

On an adjusted basis, Corus says it earned $27.9 million or 13 cents per share for the quarter, down from an adjusted profit of $39.5 million or 19 cents per share in the same quarter last year.

Analysts on average had expected a profit of 12 cents per share for the quarter, according to financial markets data firm Refinitiv.

READ MORE  HERE.

Published on October 18, 2019 at 9:57 am by boredop

Comments

October 23, 2019 - 2:51 pm

Richard

Fake News, hate on Trump 24 hours a day profits down? Imagine my shock…


October 24, 2019 - 11:26 am

Roger Stone Jr.

Made the mistake of actually watching a little local Vancouver CTV and Global News. On both, their stories were 2 days old and appeared to be ripped out of the previous days’ local papers. Going to have to get a lot more current then simple plagiarism to keep viewers. Lazy, so-called journalism.


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