July 14, 2011 / 11:40 AM / in 7 years

UPDATE 1-Corus Q3 profit up on TV ads; raises annual dividend

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July 14 (Reuters) - Canadian media company Corus Entertainment (CJRb.TO) on Thursday reported a 39 percent rise in third-quarter profit, driven mainly by television advertising revenue and subscriber fees, and it also raised its annual dividend by 16 percent.

The Toronto-based specialty television producer said the net income was C$39.2 million ($40.9 million), or 47 Canadian cents a share, compared with C$28.3 million, or 35 Canadian cents a share, a year ago.

Consolidated revenue grew 7 percent to C$211.8 million.

In the television segment, specialty advertising revenue was up 15 percent, while subscriber revenue rose 5 percent.

Corus’ board has approved an increase of 12 Canadian cents in its annual dividend.

At the new rate, the expected dividend on an annual basis for the company’s Class A and Class B Shares is 86.5 Canadian cents and 87 Canadian cents, respectively, up from the previous rate of 74.5 Canadian cents and 75 Canadian cents, respectively.

Corus’s Class B shares gained 3.2 percent to close at C$20.65 on Wednesday on the Toronto Stock Exchange. The stock is down more than 9 percent since the start of the year. ($1 = 0.959 Canadian Dollars) (Reporting by Reporting by Alastair Sharp in Toronto and Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)

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