TORONTO — CanWest Global posted steady results for the second quarter ended Feb. 29, thanks to the Winnipeg-based media company’s holdings abroad.
Revenue for the quarter was C$209.4 million ($142.4 million), up slightly from $139.5 million a year ago. Net earnings for the quarter were $16.7 million, down almost 40% from the second quarter a year ago. That quarter received a one-time boost, however, via a special dividend from CanWest’s investment in Ulster TV, which contributed $9.1 million to earnings.
What the company calls operating profit before amortization, also referred to as earnings before interest, taxes, depreciation and amortization (EBITDA), held steady at $36.2 million, compared to $35.6 million the previous year.
Although revenue was a bit soft at the Global Television Network, foreign holdings ensured that operating profits for the second quarter and first six months of the company’s fiscal year remained steady.
CanWest Global continued to implement its multi-media strategy during the quarter, with Global Television’s launch of Globaltv.com Web sites and the acquisition of a 30% stake in Medbroadcast.com.