October 27, 2010 / 12:00 PM / 8 years ago

UPDATE 1-Corus Entertainment Q4 profit falls on higher expenses

* Q4 rev up 4 pct

* Raises dividend 25 pct

Oct 27 (Reuters) - Canadian media company Corus Entertainment (CJRb.TO) reported a 64 percent drop in fourth-quarter profit, hurt by higher expenses, but raised its dividend 25 percent.

For the June-August quarter, the company’s net income fell to C$6.8 million ($6.7 million), or 8 Canadian cents a share, compared with C$18.7 million, or 23 Canadian cents a share, a year ago.

Revenue for the company, which owns specialty-TV channels such as Movie Central, HBO Canada and Treehouse as well as radio stations, rose 4 percent to C$202.8 million.

Analysts on average were expecting earnings of 28 Canadian cents a share, on revenue of C$206 million, according to Thomson Reuters I/B/E/S.

Direct cost of sales, general and administrative expenses came in at C$151.2 million versus C$137.8 million in the year-ago quarter.

Interest expenses rose to C$14.9 million, from C$8.4 million a year ago.

Corus Entertainment, which is controlled by Canada’s Shaw family through its ownership of the majority of Corus’s Class A shares, said its board had approved an increase in annual dividend of 15 Canadian cents a share.

Corus’ Class B shares closed at C$21.55 Tuesday on the Toronto Stock Exchange. ($1=1.023 Canadian Dollar) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair)

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