Astral Media profit rises after TV revenue grows
(Reuters) - Astral Media Inc ACMa.TO, which is waiting for regulators to rule on a revised proposal to be acquired by BCE Inc (BCE.TO: Quote), reported a 9 percent rise in second-quarter profit on higher television revenue.
The company, which creates and distributes television and radio content, said the outside date for the closing of the transaction is June 1, with the companies having the right to further postpone it to July 31.
Net profit rose to C$38.3 million ($37.6 million), or 68 Canadian cents per share, from C$35.0 million, or 63 Canadian cents per share, a year earlier.
Net earnings before acquisition and other costs, and Bell-Astral transaction costs rose 8 percent to C$41.2 million
Consolidated revenue rose 2 percent to C$237.1 million.
Rival Corus Entertainment Inc (CJRb.TO: Quote) earlier in the day reported an 81 percent fall in second-quarter profit due mainly to lower television revenue.
($1 = 1.0146 Canadian dollars)
(Reporting by Alastair Sharp in Toronto and Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)
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