TORONTO — Strong ad growth led Corus Entertainment to post a boffo turnaround quarter, converting a bottom-line loss into a tidy gain as radio and TV revenues and earnings saw a significant uptick.
Net income for the Calgary-based radio and specialty TV company for the third quarter ended May 31 was C$19.4 million ($16 million) compared with a loss of $42.2 million a year earlier.
Consolidated revenue at Corus was up 5% at $141.8 million. Combined radio and TV revenues climbed 9% to $131 million and the sector’s profit was up 18% at $43.7 million.
Last year’s bottom-line loss led the company to declare a writedown on its content division, Nelvana, which lost $73.6 million. Unit has since bounced back, posting a profit for four consecutive quarters, the most recent a slim profit of $82,500. Revenue at Nelvana was $12 million, down from $16.4 million.