Co. posted net earnings up 13% from same qtr. last year
Chum’s quarterly earnings and revenue got a brisk boost thanks to a solid uptick in TV ad revenue and specialty channel subscriber at the Canuck broadcast group.
For the first fiscal quarter ended Nov. 30, Toronto-based Chum posted net earnings of C$24.3 million ($20.9 million), up 13.2% from the same quarter a year ago on a 16% uptick in revenue to $161 million.
Revenue in the TV division jumped 20% to $126 million, while radio revenue edged up 3.5% to $32.2 million.The company credited the increase in conventional TV ad revenue to higher ratings for primetime programming and effective marketing and promotion of conventional channels and their programming.
Canada’s Copyright Board decision to increase music royalties has presented what Chum brass term “a challenging environment” for radio, but revenue is expected to bounce back over the course of the year.
Chum owns and operates 33 conventional and specialty TV stations and 33 radio stations, and its original content is seen in 130 countries.