* FY profit outlook C$255-C$265 mln, was C$270-C$280 mln
* Q1 profit C$0.50 vs. C$0.46 year earlier
TORONTO, Jan 14 (Reuters) - Canadian media and entertainment company Corus Entertainment Inc (CJRb.TO) lowered its fiscal 2009 outlook, despite reporting higher quarterly profit, as it anticipates a slowdown in advertising revenue.
Corus, which owns television and radio assets as well as the Nelvana animation house, said it expected to earn C$255 million ($208.3 million) to C$265 million in 2009, down from a previous outlook of C$270 million to C$280 million.
The company said its free cash flow outlook remained unchanged at C$70 million to C$90 million.
The lower outlook comes despite a rise in profit for the first quarter ended on Nov. 30. The company said it earned C$40.6 million, or 50 Canadian cents a diluted share, up from C$39.4 million, or 46 Canadian cents a share, a year earlier. ($1=$1.22 Canadian) (Reporting by Scott Anderson; Editing by Lisa Von Ahn)