November 11, 2010 / 12:11 PM / in 7 years

UPDATE 1-Cineplex Galaxy Income Fund Q3 profit rises 24 pct

* Q3 profit C$0.763/unit vs C$0.67/unit last year

* Total revenue up 5 pct

* Media revenue up 40 pct

Nov 11 (Reuters) - Canada’s Cineplex Galaxy Income Fund CGX_u.TO, owner of movie exhibitor Cineplex Entertainment LP, posted a 24 percent jump in quarterly profit, helped by growth at its media segment.

Media revenue increased primarily due to Cineplex Digital Media and higher revenue from full motion advertising, Chief Executive Ellis Jacob said in a statement.

“The increase continues the trend seen in the first half of 2010 with advertisers returning to the screens after the reduction in full motion and digital pre-show advertising during 2009,” the fund said, adding that there was increased spending from the automotive and telecommunications sectors.

Net income for the third quarter was C$25.2 million, or 76.3 Canadian cents per unit, up from C$20.4 million, or 67 Canadian cents per unit, last year.

Total revenue was up 5 percent at C$269 million, while media revenue jumped 40 percent to C$23.5 million.

The Toronto-based fund’s units, which have gained 11 percent in value since Cineplex Entertainment said it would buy DDC Group for C$3.5 million in June, closed at C$21.58 on Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Anne Pallivathuckal) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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