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Corus Entertainment reports Q1 profit and revenue down from year ago

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TORONTO - Corus Entertainment Inc. reported its first-quarter profit fell compared with a year ago as its revenue also moved lower.

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TORONTO – Corus Entertainment Inc. reported its first-quarter profit fell compared with a year ago as its revenue also moved lower.

The television and radio company says it earned $31.4 million in net income attributable to shareholders or 16 cents per diluted share for the three months ended Nov. 30.

The result compared with a profit of $76.2 million or 36 cents per diluted share in the same quarter a year earlier.

The new Corus logo at Corus Quay in Toronto is photographed on Friday, June 22, 2018. Corus Entertainment Inc. reported its first-quarter profit fell compared with a year ago as its revenue also moved lower. THE CANADIAN PRESS/ Tijana Martin

Revenue totalled $431.2 million, down from $463.9 million a year earlier.

The decline in revenue came as Corus reported its television revenue fell to $401.5 million compared with $434.7 million.

Radio revenue was $29.7 million, up from $29.1 million a year earlier.

This report by The Canadian Press was first published Jan. 13, 2023.

Companies in this story: (TSX:CJR.B)

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