MONTREAL — Canuck broadcaster Corus Entertainment reported an upswing in both revenues and profits for its third quarter Tuesday. The growth was powered by boffo ad sales for both its television and radio divisions.
Revenue for the third quarter ended May 31 was C$198 million ($189 million), up 9% from $173 million a year earlier. Net profit for the quarter for the Toronto-based company — which owns a slew of specialty TV channels and radio stations — was $28 million, up from $22 million last year.
Corus Television reported revenue for the quarter of $104 million, an increase of 9% from $96 million in the same quarter last year. Advertising at Corus’ specialty channels was up 12% and subscriber revenue for the channels jumped 7% compared to a year earlier. Net profit for the TV division was up 9% to $43 million, compared to $40 million in the third quarter last year.
Revenue at Corus for the nine-month period was $554 million, up 7% from $516 million a year earlier. Net profit for the nine months was $82 million, compared to a loss of $11 million for the first nine months of last year. That was due to a pre-tax debt refinancing loss of $126 million.
The nine-month revenue at Corus Television was $316 million, up 9% from $290 million for the first nine months of last year. Those numbers were due to advertising growth at the TV stations of 13% and subscriber growth of 9%. Movie Central, Corus’ pay TV network in western Canada, upped its subscriber base to 887,000 at the end of the third quarter, an increase of 8% from the same time last year.