Company News

CORRECTED-UPDATE 1-Shaw Communications posts loss on Corus investment charge

(Corrects net subscriber additions in paragraph 5 to 46,659 from 54,000)

June 28 (Reuters) - Canadian telecom company Shaw Communications Inc reported a quarterly loss on Thursday, hurt by a C$284 million ($214 million) charge related to its investment in Corus Entertainment Inc.

Globe and Mail here had reported earlier this month that Shaw was looking to sell its stake in Corus, which reported lower-than-expected results on Wednesday. Shaw had a 39.4 percent stake in Corus as of August 31, 2017, according to Thomson Reuters data.

Calgary-based Shaw posted a loss of C$91 million, or 18 Canadian cents a share, in the third quarter ended May 31, compared with a profit C$133 million, or 27 Canadian cents per share, a year earlier.

Shaw’s wireline business reported revenue of C$1.06 billion, which was flat compared with a year earlier.

In its wireless unit, Shaw added 46,659 net subscribers during the quarter. Barclays analyst Phillip Huang had estimated net additions of 48,000.

Revenue rose 7 percent to C$1.3 billion and the company said it was on track to meet its 2018 forecast. ($1 = C$1.3290) (Reporting by Parikshit Mishra; Editing by Saumyadeb Chakrabarty and Anil D’Silva)