UPDATE 1-Canada's Corus profit triples due to Teletoon buyout

Tue Jan 14, 2014 8:45am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* First-quarter profit C$1.78/shr vs C$0.62 year earlier

* Raises annual dividend to C$1.09 from C$1.02

* Revenue rises 13 pct in TV business, falls 8 pct in radio

Jan 14 (Reuters) - Canadian media company Corus Entertainment Inc's quarterly profit tripled mainly due to a change in value of its stake in specialty television service Teletoon Canada Inc.

First-quarter net income included a non-cash gain of C$127.9 million ($117.7 million) from a remeasurement in value of Corus's 50 percent stake in Teletoon following its acquisition of the company in September.

Profit rose to C$150.9 million, or C$1.78 per share in the quarter ended Nov. 30, from C$52.2 million, or 62 Canadian cents per share, a year earlier.

Excluding the gains from the remeasurement of the Teletoon stake, Corus earned 65 Canadian cents per share.

Analysts on an average had expected earnings of 62 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 8 percent to C$226 million.   Continued...