Shaw Q3 dips despite revenue gains
EmptyTORONTO -- Despite rising revenue, Canadian cabler Shaw Communications on Friday posted lower third-quarter earnings attributed to one-time gains last year.
Calgary, Alberta-based Shaw reported earnings of CAN$91.7 million ($87.3 million) for the three months ending May 31, compared with a profit of CAN$126.4 million in 2006, when the cablecaster recorded a gain of CAN$37.3 million after selling a portfolio investment and recovering CAN$23.4 million in taxes.
Canada's second-largest cable company saw revenue rise 12% to CAN$702.2 million ($668.5 million), compared with a year-earlier CAN$626.7 million.
Shaw's cable division saw revenue jumped 14% to CAN$526.9 million ($502 million) thanks to higher subscriber revenue and cable rate increases.