(Corrects headline, first and second paragraphs to indicate that quarterly net profit rose, not fell)
Oct 31 (Reuters) - Astral Media Inc reported higher profit on Wednesday as revenue rose across its business segments.
Net income for the fourth quarter ended Aug. 31 rose to C$31.4 million, or 55 Canadian cents a share, from C$29.8 million, or 53 Canadian cents, a year earlier.
Excluding items, consolidated net earnings rose to C$54.3 million, or 96 Canadian cents a share, from C$47.7 million, or 85 Canadian cents, a year earlier.
Consolidated revenue rose 1.7 percent to C$251.8 million.
Astral shares dropped 33 Canadian cents to C$41.00 in morning trade on the Toronto Stock Exchange. (Reporting by Allison Martell; Editing by Gerald E. McCormick)