July 14, 2011 / 12:27 PM / in 6 years

UPDATE 1-Astral Q3 profit up on growth in TV business

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July 14 (Reuters) - Canadian broadcaster Astral Media ACMa.TO on Thursday reported a 2 percent rise in third-quarter net profit, helped mainly by growth in its television segment.

The Montreal-based company made a net income of C$49.3 million ($51.4 million), or 87 Canadian cents a share, up from C$48.5 million, or 85 Canadian cents a share, a year ago.

Excluding restructuring charges, the company earned C$52.8 million, or 93 Canadian cents a share.

Astral, which operates television, outdoor advertising and radio business units, said consolidated revenues grew 6 percent to C$268.0 million.

Earlier, media company Corus Entertainment CJRb.TO reported a 39 percent rise in third-quarter profit, driven mainly by television advertising revenue and subscriber fees, and also raised its annual dividend by 16 percent.

The company’s class A shares, which are down almost 10 percent so far this year, closed at C$37.85 on Wednesday on the Toronto Stock Exchange. ($1 = 0.959 Canadian Dollars) (Reporting by Reporting by Alastair Sharp in Toronto and Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)

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