September 29, 2009 / 1:45 PM / 9 years ago

UPDATE 2-'Optimistic' Corus sees higher 2010 profit

* Expects to earn C$255 mln to C$270 mln

* Says “maintains firm commitment to dividends”

* Corus shares up 1.7 pct at C$17.09 (Adds further outlook details from company website, presentation)

TORONTO, Sept 29 (Reuters) - Corus Entertainment Inc (CJRb.TO) CJR.N forecast a slightly higher profit for fiscal 2010 compared with its outlook for the previous year, citing an upbeat outlook for the company and the broader economy.

The Canadian media company said during an investor presentation on Tuesday that it is targeting consolidated profit for the year of between C$255 million and C$270 million.

Earlier this year, Corus, which owns television and radio assets as well as the Nelvana animation house, said it expects to earn C$255 million to C$265 million in 2009, down from a previous outlook of C$270 million to C$280 million.

The broadcaster sees 2010 cash flow of between C$10 million and C$20 million, as it boosts capital expenditures to C$90 million in 2010, from C$22 million in 2009, as it builds a state-of-the-art broadcasting facility in downtown Toronto.

The company also pledged to maintain a “firm commitment to dividends.”

Corus shares were up 1.7 percent at C$17.09 on the Toronto Stock Exchange.

Corus said its forecast reflected its “optimistic outlook” for both the economy in which it will operate as well as the company’s plans.

“With the addition of CosmoTV, Viva, HBO Canada and Teletoon Retro within the last two years, the upcoming launch of Nickelodeon in Canada and W Movies and the future rebranding of Drive-In Classics, we have set the table for strong growth,” said Chief Executive John Cassaday.

$1=$1.09 Canadian Reporting by Scott Anderson and Isheeta Sanghi in Bangalore; editing by Rob Wilson

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