TORONTO - Cinram International Income Fund (TSX:CRW.UN) said Thursday that it narrowed its second-quarter loss compared with a year ago as revenue increased nearly 20 per cent.
The CD and DVD maker, which keeps its books in U.S. dollars, said it lost US$7.1 million or 15 cents per unit for the three months ended June 30 compared with a loss of $26.6 million or 44 cents per unit a year ago.
Revenue was $412.8 million, up from $345.1 million.
Cinram said the firm gained a new DVD replication and distribution mandate from Universal Picture in Europe during the quarter.
"This new agreement along with organic growth from some of our existing studio clients helped increase our second quarter DVD unit production by 17 per cent," Cinram chief executive officer Dave Rubenstein said in statement.
Units in the fund, which reported after the close of markets, were down three cents at $3.99 on the Toronto Stock Exchange on Thursday.
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