Corus reports $32.7M Q1 profit, up from $31.4M a year earlier, revenue down 14%

By The Canadian Press on January 12, 2024.

TORONTO – Corus Entertainment Inc. reported a first-quarter profit of $32.7 million, up from $31.4 million a year earlier, as its revenue fell 14 per cent.

Corus chief executive Doug Murphy says the impacts of industry-wide advertising market weakness were partially offset by reductions in programming and operating costs.

The television and radio broadcaster says its profit amounted to 16 cents per diluted share for the quarter ended Nov. 30 compared with 16 cents per diluted share a year earlier.

Revenue totalled $369.9 million in the quarter, down from $431.2 million a year earlier.

The drop came as television revenue came in at $342.4 million, down from $401.5 million a year ago, while radio revenue was $27.5 million, down from $29.7 million.

On an adjusted basis, Corus says it earned 20 cents per share, up from an adjusted profit of 17 cents per share a year earlier.