Corus profit up 7% for Q1

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TORONTO -- Strong TV and radio revenue helped Canadian broadcast company Corus Entertainment Inc. post higher first-quarter profits Wednesday.

Toronto-based Corus said that earnings for the three months through Nov. 30 stood at CAN$36.7 million ($31.3 million), compared with a profit of CAN$31.4 million for the same period in 2005.

First-quarter revenue rose 7%, to CAN$209.2 million ($178.5 million), from a year-earlier CAN$195.3 million.

Corus saw cable and premium pay TV revenue jump 10%, to CAN$122.6 million ($104.2 million), against CAN$111.5 million in 2005, as airtime sales rose 13% and subscriber revenue jumped 11% from 2005 levels.

Radio revenues, meanwhile, came to CAN$75.6 million ($64.6 million), up 4% from a year-earlier CAN$72.4 million.

And Corus' cartoon division, Nelvana Ltd., saw revenues drop 10% to $11.7 million, compared with CAN$13.1 million in 2005.

"Strong advertising and subscription growth from specialty television and solid national advertising sales in radio were the major contributors to our positive results," Corus CEO John Cassaday said of recent ratings and revenues.
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