MONTREAL — Canuck broadcaster Corus Entertainment reported big upswings in revenue and net earnings for the past year, largely powered by the perf of its specialty TV channels. Revenue for the year ending Aug. 31 was C$768.7 million ($799 million), up 6% from $755 million a year earlier. Net earnings for the year were $111 million, up from $37 million a year earlier. The prior year’s earnings included a pre-tax debt refinancing loss of $137 million.
Corus owns a number of Canadian TV stations, including youth outlet YTV, preschool kids station Treehouse and the movie web Movie Central. Corus Television had revenue for the year of $453 million, up 9% from $418 million a year earlier. Net earnings for the TV division increased 10% to $189 million, compared to $172 million the year before.
But the results for the Toronto-based broadcaster were less rosy for the fourth quarter. Revenue for the last quarter was up 1% to $194 million, compared to $192 million in the same quarter a year earlier. Net earnings for the quarter were $22 million, down from net earnings of $48 million in the fourth quarter the previous year. The net earnings in the fourth quarter a year earlier were boosted by income tax rate changes and other income tax items.
Revenue in the fourth quarter for Corus Television was up 8% to $108 million, compared to $101 million in the last quarter of the previous year. Net earnings were $37 million, up 3% from $36 million in the fourth quarter a year earlier.