Canadian media company Corus Entertainment Inc reported a better-than-expected revenue, helped by the launch of new specialty television services and increased digital distribution revenue.
Corus, which was spun off from Shaw more than 15 years ago, posted merchandising, distribution and other revenues of $33-million for the quarter, up 32.5 per cent from last year.
The company’s revenue from television business, which accounted for about 83 per cent of its total revenue for the quarter ended Feb. 29, rose 5.3 per cent to $163.4-million.
Corus, which operates a network of Canadian radio stations and television channels, announced a $2.65-billion acquisition of Shaw Communications Inc’s media unit in January.
The deal helped Corus add channels like National Geographic, Food Network Canada, and HGTV Canada.
Net income attributable to shareholders was $102.2-million, or $1.17 per share, compared with a net loss of $86.8-million, or $1.01 per share, a year earlier.
Excluding items, company earned 24 cents per basic share in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
Revenue rose to $197.7-million from $191.5-million, beating the average analyst estimate of $176.8-million.
Advertisement