Corus Entertainment forecasts stronger consolidated profit
(Reuters) - Canadian media company Corus Entertainment Inc expects a stronger consolidated segment profit for the year ending August 2013 as it looks to rein in costs.
Corus, controlled by the Shaw family which also runs cable company Shaw Communications Inc, expects consolidated segment profit of C$293 million to C$303 million.
Consolidated segment profit for 2012 totaled C$290 million.
The company, which focuses on content for children and women, expects free cash flow of more than C$140 million, compared with C$155.1 million in 2012.
"(Our) continued focus on operational excellence and cost control gives us confidence that we can continue to drive strong television and radio margins in fiscal 2013," Chief Executive John Cassaday said in a statement.
Shares of Corus, whose main rival is Canadian broadcaster Astral Media Inc, closed at C$23.11 on the Toronto Stock Exchange on Wednesday.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)
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