(Toronto) Corus Entertainment posted a loss for its second quarter on Thursday, after posting a profit for the same period last year, while its revenues fell 5%.
Global Television’s parent company, which also owns broadcast assets, said its loss attributable to shareholders was $15.5 million, or 8 cents per share, for the quarter ended Feb. 28. By comparison, it had earned a profit of 16.2 million, or 8 cents per share, for the same period last year.
Quarterly revenue totaled 343.9 million, compared to 361.7 million in the second quarter of last year.
Corus CEO Doug Murphy said the results reflect the impact of current advertising market conditions on advertising revenue, which was partially offset by significant growth in the company’s content business.
Overall TV revenue totaled 321.5 million, down from 339.7 million a year earlier, and the advertising segment brought in 169.1 million, down from 184.7 million a year earlier. Subscription revenue slipped to 124.1 million from 132.8 million last year. Distribution, production and other income from television activities rose to 28.4 million from 22.1 million last year.
Broadcasting revenues reached $22.3 million, up from $22.0 million in the second quarter of last year.
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