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UPDATE 1-Canada's Corus posts lower-than-expected profit

Published 2016-07-13, 07:47 a/m
© Reuters. UPDATE 1-Canada's Corus posts lower-than-expected profit
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July 13 (Reuters) - Canadian media company Corus
Entertainment Inc CJRb.TO reported a lower-than-expected
quarterly adjusted profit as expenses jumped about 72 percent.
Corus, which bought assets from sister company Shaw
Communications Inc SJRb.TO in a C$2.65 billion deal that
closed on April 1, said revenue jumped 77.6 percent in the
quarter ended May 31.
The company faces a Canadian market in which viewers are
steadily reducing or even eliminating cable television, with
regulators helping hasten that trend with rules to unbundle
large content packages.
Corus, which operates a network of Canadian radio stations
and television channels, was spun off from Shaw more than 15
years ago. Both companies are controlled by the Shaw family.
Net loss attributable to shareholders widened to C$15.8
million ($12 million), or 10 Canadian cents per share, for the
third quarter, from C$8.1 million, or 9 Canadian cents per
share, a year earlier.
Excluding items, the company earned 34 Canadian cents per
share. Analysts on average had expected 39 Canadian cents,
according to Thomson Reuters I/B/E/S.
The company's revenue rose to C$360.8 million, below the
estimated C$374.6 million.
Costs and expenses jumped to C$230.6 million.
($1 = C$1.3023)

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