Corus Entertainment reports sharp drop in profit

Wed Oct 19, 2016 8:35am EDT
 
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Oct 19 (Reuters) - Canadian media company Corus Entertainment Inc reported a sharp drop in quarterly profit as it digested Shaw Communications Inc's media business, which it acquired in a C$2.65 billion ($2.03 billion) deal in January.

Corus's net income attributable to shareholders fell to C$25,000 in the fourth quarter ended Aug. 31 from C$17.8 million a year earlier.

Corus broke even on a per-share basis, compared with a profit of 21 Canadian cents per share a year earlier.

Excluding items, the company earned 7 Canadian cents per share, less than half of analysts' average estimate of 15 Canadian cents, according to Thomson Reuters I/B/E/S.

Revenue nearly doubled to C$384.5 million, reflecting the acquisition, but still missed the average estimate of C$389.4 million. ($1 = 1.3082 Canadian dollars) (Reporting by John Benny in Bengaluru; Editing by Anil D'Silva)