Kiwi and Aussie broadcast holdings contributed to buoyant third-quarter results for Manitoba-based CanWest Global Communications, according to topper Izzy Asper. Net earnings jumped 44.6% over the first nine months of fiscal 1992.
For the nine-month period ended May 31, net earnings rose to $ C20.7 million ($ 16.56 million) in fiscal 1993, compared to $ C14.3 million ($ 11.44 million) the previous year.
New Zealand’s TV3 — in which CanWest purchased a 20% stake in l991 — contributed third-quarter earnings of $ 56,800. CanWest also acquired a 57.5% economic interest in Australia’s Network Ten at the end of l992. CanWest’s share of Ten’s earnings in the third quarter totaled $ 2.05 million.
Network Ten earnings for the nine months ended May 31 amounted to $ 4.07 million. Asper said the contributions from the purchase of Ten have far exceeded the financing costs incurred in making the investment.
“Results from Network Ten were in line with expectations, but we expect (further) growth in earnings contribution from this investment in the future.”