Broadcaster earnings up 18%
MONTREAL — Canuck broadcaster Astral Media reported net earnings up 18% to C$29 million ($28.5 million) and revenue up 38% to $203 million for the second quarter, compared with the same time last year, driven by boffo pay TV results.
For the first six months of the tax year, Montreal-based Astral reported profit of $65 million, up 16% on the first six months of last year. Revenue for the six-month period was $398 million, up 29%.
Advertising revenue from Astral’s pay TV channels was up 12% in the quarter and radio revenue was also up big-time, thanks to the addition of the Standard Radio stations, which Astral acquired last year. Revenue from the TV division was up 5% for the six-month period.
Astral Media is one of Canada’s leading pay TV station owners and its holdings include The Movie Network, The Family Channel and Canal Vie.