Corus Entertainment (CJR) has reported a fiscal second quarter loss of $15.5 million due to slumping advertising revenue.
The Toronto-based television and radio broadcaster’s loss of -$0.08 per share for the quarter ended February 28 represents a 200% decline from a profit of $0.08 a share recorded a year earlier.
Revenue in the latest quarter totalled $343.9 million, down 5% from $361.7 million a year earlier.
Corus, which owns Canada’s Global Television network, said the results reflect the impact of a slowdown in advertising revenue, which was only partially offset by growth in its content business.
Corus Entertainment’s stock has declined 65% in the last 12 months to $1.57 a share