October 19, 2018 / 10:20 AM / a month ago

Corus Entertainment's profit beats estimates on lower costs

(Reuters) - Canadian media company Corus Entertainment Inc’s (CJRb.TO) quarterly profit beat estimates on Friday, helped by lower restructuring and broadcasting costs.

The company’s restructuring and broadcasting costs fell 42 percent to C$7.7 million ($5.9 million) in the fourth quarter.

Revenue from Corus’s television business, its biggest, fell marginally to C$344.6 million. The business includes brands such as HistoryGo and Global News.

Media companies such as Corus have been struggling to attract new customers as most of them shy away from expensive TV bundles for cheaper online streaming services such as Netflix, Hulu and Amazon Prime Video.

The company’s net income rose 16.4 percent to C$33.7 million, or 16 Canadian cents, in the quarter ended Aug. 31.

Excluding items, the company earned 19 Canadian cents per share.

Total revenue fell to C$379.1 million from C$381.2 million.

Analysts on average had expected the company to earn 15 Canadian cents per share on revenue of C$375.4 million, according to data from Refinitiv.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel

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