Corus Entertainment Profit Drops In Latest Quarter

Corus Entertainment (TSX:CJR.B) reported a fiscal fourth-quarter profit of $19.9 million, down from $30.3 million in the same quarter last year.

Despite the profit decrease, Corus Entertainment reported that its revenue grew more than 10% in its latest quarter.

The television and radio broadcaster says the profit amounted to 10 cents per diluted share for the quarter, down from a profit of 15 cents per diluted share a year ago.

Revenue for the quarter totaled $361.3 million, up from $318.4 million a year ago for the company behind Global Television, W Network, HGTV Canada, Food Network Canada and other specialty television services.

Television revenue rose to $335.8 million compared with $299.1 million a year ago, while radio revenue climbed to $25.4 million from $19.3 million.

Analysts had expected an adjusted profit of nine cents per share, according to financial markets data firm Refinitiv Data.