TORONTO – Corus Entertainment Inc. (TSX:CJR.B) had $71.1 million of net income in the first quarter of its 2017 financial year, a big increase from the same time a year earlier before it acquired Shaw Media last spring.
The profit amounted to 36 cents per share of the Toronto-based television, radio and entertainment company.
Its adjusted earnings amounted to 41 cents per share or $80.8 million while revenue was just under $468 million.
The quarter, ended Nov. 30, included the Shaw Media television business that Corus acquired last year for $2.65-billion.
Corus has been consolidating Shaw Media’s results with its own since the beginning of its 2016 fiscal third quarter.
If Corus had owned Shaw Media during last year’s fiscal first quarter, overall revenue would be down five per cent.
However, on an absolute basis, Corus revenue was up 105 per cent from $228.3 million in the first quarter of 2016, net income was up 72 per cent from $41.3 million and adjusted earnings were up 90 per cent from $42.5 million.
“Our Q1 results reflect meaningful improvements in our cost structure, with solid segment profit margins and subscriber revenue growth offset by transitional advertising revenue softness, as anticipated,” Corus CEO and president Doug Murphy said in a statement.