Corus Entertainment reports $40.7M Q3 profit, revenue up 15 per cent from year ago

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TORONTO — Corus Entertainment Inc. expects the coming months to show continued revenue growth after seeing improvements across its business in its latest quarter, chief executive Douglas Murphy said Tuesday.

"The economy is reopening, vaccine uptake is increasing and Corus is ready as Canada gets back to business safely," Murphy told analysts on a conference call.

He added that the company's third-quarter results showed strong operational momentum with TV and radio advertising up by double-digits.

Its newer streaming business also increased paid subscribers to more than 600,000 and its content creation business, which includes Nelvana and Corus Studios, also had a fourth consecutive quarter of double-digit revenue growth, Murphy said.

The television and radio broadcaster reported a profit of $40.7 million or 19 cents per diluted share for its quarter ended May 31, with revenue up 15 per cent compared with a year ago at the start of the pandemic.

The result compared with a loss of $752.3 million or $3.61 per diluted share a year ago when it recorded $786.8 million in broadcast licence and goodwill impairment charges.

Revenue in what was the company's third quarter totalled $403 million, up from $349 million a year earlier when companies struggled with closures and uncertainty during the first wave of the COVID pandemic.

Television revenue rose to $379.8 million, compared with $331.3 million a year ago, helped by higher advertising revenue.

Radio revenue climbed to $23.2 million, up from $17.6 million in the same quarter last year.

This report by The Canadian Press was first published June 29, 2021.

Companies in this story: (TSX:CJR.B)

The Canadian Press

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