October 29, 2008 / 3:54 PM / 10 years ago

UPDATE 2-Astral revenue jumps as Standard deal digested

(Adds details, updates stock price)

TORONTO, Oct 29 (Reuters) - Astral Media ACMa.TO posted a flat net quarterly profit on Wednesday due to expenses related to the television and radio group’s C$1.1 billion purchase of Standard Radio.

Astral, which became Canada’s biggest radio broadcaster when it bought Standard late last year, said it earned C$39.9 million ($32.8 million), or 68 Canadian cents a share, in the three months ended Aug. 31. That compared with a profit of C$38.1 million, or 71 Canadian cents a share, a year earlier.

However, the Standard acquisition helped boost quarterly earnings from continuing operations by 20 percent to C$40.8 million.

Astral said revenue rose to C$229.9 million from C$160.6 million. Operating expenses also shot up, to C$148.8 million from C$105.5 million.

The Montreal-based company’s shares were down 43 Canadian cents, or 1.6 percent, at C$26.25 on the Toronto Stock Exchange shortly after the results were released.

$1=$1.22 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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