UPDATE 1-Canada's Corus profit halves on tough radio competition

Thu Oct 24, 2013 8:50am EDT
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* Fourth quarter adjusted earnings C$0.31/shr vs est C$0.37/shr

* Radio revenue down 8 pct; TV revenue up 1 pct

* Company faces stiff competition from U.S. internet radio

Oct 24 (Reuters) - Canada's Corus Entertainment Inc reported that its profit nearly halved in the fourth quarter as a rise in TV subscribers and merchandising revenue failed to offset the weakness in its radio business.

The company's radio stations face stiff competition from U.S. internet radio companies such as Pandora Media Inc and Spotify.

Net profit attributable to shareholders fell to C$11.9 million ($11.45 million), or 14 Canadian cents per share, in the fourth quarter ended Aug. 31.

Corus, which is controlled by the Shaw family, earned C$23.3 million, or 28 Canadian cents per share, a year earlier.

Adjusted earnings were 31 Canadian cents per basic share in the latest quarter, short of analysts average estimate of 37 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Consolidated revenue fell marginally to C$193.6 million. Revenue from radio fell 8 percent and accounted for a little less than a fourth of total revenue.   Continued...