By Adriano Marchese
Corus Entertainment Inc. on Wednesday reported a fall in profit in the third quarter despite better-than-expected revenue.
For the three months ended May 31, the Canadian mass media and entertainment conglomerate said earnings per share were 14 Canadian cents (11 U.S. cents), down from C$0.19 a year earlier.
Net income was C$33 million, compared with C$48.3 million, it said.
Consolidated revenue rose 8% to C$433.5 million from C$403 million, beating analyst expectations of C$417 million, according to analysts polled on FactSet. Revenue at the company’s television segment, its largest, rose 6%, while radio increased 27%, the company said.
The company said free cash flow fell to C$27.5 million from C$64.7 million. It blamed the decline on a decrease in cash provided by operating activities of C$37.5 million.
The board has declared a quarterly dividend of C$0.06 for each Class B nonvoting participating share.
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