Profit up at Astral Media, shares down
TORONTO (Reuters) - Astral Media reported a 24 percent jump in quarterly profit on Tuesday as growth in outdoor advertising offset tepid radio and television income.
The Montreal-based company said net profit was C$47.8 million ($47.3 million), or 85 Canadian cents a share, on revenue of C$247.6 million in the three months to the end of August.
Analysts, on average, had expected Astral to earn 78 Canadian cents a share on revenue of $250.5 million, according to Thomson Reuters I/B/E/S.
The company, which creates and broadcasts television and radio programs and manages outdoor advertising, had a net profit of C$38.4 million in the year-before quarter.
Outdoor advertising revenue rose 18 percent, while television revenue was up 3 percent and radio revenue increased 1 percent.
Astral's shares were down 0.5 percent at C$35.11 early on Tuesday afternoon. They are down almost 16 percent so far this year.
More than half Astral's revenue comes from television, while only 10 percent comes from outdoor advertising.
Astral also said it had secured C$700 million in financing, plus the right to add C$300 million more, to replace an existing C$100 million revolving facility.
The company said the new financing would be used to pay a C$525 million loan due in October 2012.
(Reporting by Alastair Sharp; editing by Peter Galloway)
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