January 12, 2017 / 1:19 PM / in a year

Shaw Communications profit more than halves on JV wind down charge

Jan 12 (Reuters) - Canada’s Shaw Communications Inc reported a 59.2 pct fall in quarterly profit on Thursday, mainly due to a charge related to the winding down of its investment in video streaming service Shomi.

Rogers Communications Inc and Shaw wound down operations at their joint venture Shomi last November, and Shaw took a C$107 million ($82 million) charge in its first quarter.

Shaw’s net income fell to C$89 million, or 18 Canadian cents per share, from C$218 million, or 43 Canadian cents per share, a year earlier.

The Calgary-based company’s revenue rose 15 percent to C$1.31 billion in the quarter ended Nov. 30. ($1 = C$1.31) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D’Souza)

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