TVA Group increased its revenues, but its profits fell in the first quarter of fiscal year 2022 compared to the same period last year.
The company on Monday reported a net loss attributable to shareholders of $13 million in the first quarter. Per share, the loss is $0.30 for the three-month period ended March 31, compared to a loss of $0.10 per share for the corresponding quarter of fiscal 2021.
Over the same period, revenues increased from approximately $140.8 million in the first quarter last year to $144.5 million this year.
“The results of the first quarter were largely affected by a decline in the profitability of the TVA Network attributable to the significant improvement in our investments in content”, underlined in a press release the interim President and Chief Executive Officer of Groupe TVA, Pierre Karl Peladeau.
“It is becoming crucial to invest more in our programming so that the TVA Network can maintain its leadership position through the intensification of competition and the multiplication of available content,” he added.
Mr. Péladeau added that “the TVA Network posted advertising growth of 2.3% this quarter, growth fueled by our digital platforms, notably TVA+”.
“Our specialty services also saw an 11.3% increase in advertising revenue, mainly from ‘LCN’ which provided impeccable coverage of geopolitical news, as well as from ‘TVA Sports’,” he said. He specifies.
In addition, Groupe TVA reiterated its request that “the federal government commit to maintaining the subsidy programs in place in order to support [le secteur des magazines]which has been declining for several years.
“As a leading publisher on the French-speaking market, our titles contribute to the influence of our talents and the culture here and it is essential to ensure their survival,” we added.