The profit compared with a net loss attributable to shareholders of $935.9-million or $4.49 per diluted share in the same quarter last year when the company took a $1.01-billion one-time charge.On an adjusted basis, Corus said it earned $66.1-million or 31 cents per share for the quarter, down from an adjusted profit of $78.1-million or 37 cents per share a year ago.
Revenue in what was the company’s third quarter totalled $458.4-million, up from $441.4-million. Television revenue grew to $421.5-million, up from $403-million a year ago. Radio revenue fell to $36.9-million from $38.4-million. Analysts on average had expected a profit of 33 cents per share and revenue of $452.4-million, according to Thomson Reuters Eikon.
In May, Calgary-based Shaw Communications announced it was selling its 38 per cent stake in Corus for $548-million through a secondary offering. None of the proceeds from the sale went to Corus. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.