Corus Entertainment profit falls on tax charge

Thu Oct 25, 2012 9:27am EDT
 
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(Reuters) - Canadian media company Corus Entertainment Inc (CJRb.TO: Quote) reported a 16 percent fall in fourth-quarter profit on a one-time tax-related charge.

Net income attributable to shareholders fell to C$23.3 million ($23.50 million), or 28 Canadian cents per share, from C$27.7 million, or 33 Canadian cents per share, a year earlier.

Consolidated revenue for the specialty television producer, which focuses on content for children and women, fell 2 percent to C$195.6 million. Corus's children's cable networks include Treehouse and Nickelodeon Canada.

Television revenue fell 3 percent to C$147.9 million.

Corus sells subscriptions to its pay TV business -- Movie Central, which includes HBO Canada, via cable and satellite companies. It also owns several radio stations.

Adjusted net income attributable to shareholders was C$30.2 million. This excludes a tax-related charge of C$6.8 million, Corus said in a statement.

Analysts on average had expected earnings of 36 Canadian cents per share, on revenue of C$202.7 million, according to Thomson Reuters I/B/E/S.

Corus, controlled by the Shaw family, which also runs cable company Shaw Communications Inc (SJRb.TO: Quote), has so far avoided the consolidation sweeping through Canada's media and telecom industries.

Last week Canada's broadcast regulator vetoed BCE Inc's (BCE.TO: Quote) proposed takeover of Corus's main rival, Astral Media Inc ACMa.TO. Analysts said Astral could be sold off piecemeal instead.

Corus shares, which have lost about 9 percent of their value over the last six months, closed at C$22.19 on the Toronto Stock Exchange on Wednesday.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Supriya Kurane)