UPDATE 1-Corus Entertainment profit falls on tax charge

Thu Oct 25, 2012 9:25am EDT
 
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Oct 25 (Reuters) - Canadian media company Corus Entertainment Inc 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, has so far avoided the consolidation sweeping through Canada's media and telecom industries.

Last week Canada's broadcast regulator vetoed BCE Inc's proposed takeover of Corus's main rival, Astral Media Inc. 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.