July 14, 2010 / 11:34 AM / 7 years ago

UPDATE 1-Corus posts quarterly profit as ad sales rise

* Q3 EPS C$0.39 Vs yr-ago loss C$1.81/shr

* Q3 revenue up 11.8 pct on strong ad sales

TORONTO, July 14 (Reuters) - Corus Entertainment CJRb.TO reported a quarterly profit on Wednesday, citing strengthening advertising sales in both its television and radio segments.

The Canadian media company, which owns specialty-TV channels such as Movie Central, HBO Canada and Treehouse as well as radio stations, reported earnings of C$31.4 million, or 39 Canadian cents a share, for the third quarter ended May 31.

That compared with a year-earlier loss of C$145 million, or C$1.81 a share, including a goodwill impairment charge. [ID:nN15323745]

Revenue at the company, which is controlled by Canada’s Shaw family through its ownership of the majority of Corus’s Class A shares, rose 11.8 percent to C$218.4 million.

Corus said in April that the “advertising recession” that hit the broadcasting industry was over. At the time, it forecast profit of C$255 million to C$270 million for 2010.

“Ad sales continue to pace well ahead in our fourth quarter as the overall economy continues to recover,” Chief Executive Officer John Cassaday said in a statement. “We are confident in our ability to achieve our earnings guidance for the full fiscal year.”

The company recently sold 11 radio stations in Quebec to Cogeco Inc CGO.TO, but is still awaiting regulatory approval of the sale.

Corus’ B shares closed up 17 Canadian cents at C$19.37 on the Toronto Stock Exchange on Tuesday. The results were released before the stock market opened on Wednesday. ($1 = $1.03 Canadian) (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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