May 10, 2010 / 2:07 PM / 8 years ago

UPDATE 1-Canada's TVA Group posts Q1 earnings below estimates

* Q1 EPS C$0.06 vs est C$0.23

* Q1 rev C$109.6 vs est C$106.3

May 10 (Reuters) - Integrated communications company TVA Group Inc (TVAb.TO) posted first-quarter earnings that missed market estimates, hurt by a fall in advertising revenues and increase in programming costs.

“The Vancouver Olympic Games in February definitely cost us advertising revenues and audience ratings,” Chief Executive Pierre Dion said in a statement.

For the quarter ended March 31, the company posted net income of C$1.5 million, or 6 Canadian cents a share, compared with, C$6.5 million, or 27 Canadian cents a share, a year ago.

Operating revenue fell marginally to C$109.6 million.

Analysts on average were expecting earnings of 23 Canadian cents a share, on revenue of C$106.3 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$14.35 Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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