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Astral Media profit rises, but misses analyst estimates

BCE president George Cope, left, and Astral Media CEO Ian Greenberg announced the takeover of Astral by Bell in March.

PAUL CHIASSON/THE CANADIAN PRESS

Astral Media Inc.'s third-quarter profit rose 7 per cent from a year ago but missed analyst estimates.

The Montreal-based radio, television and outdoor advertising company said its net income rose to $56.2-million or $1 per share.

That was 2 cents below a consensus estimate of $1.02 per share compiled by Thomson Reuters.

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Astral's revenue was also below analyst estimates.

The company reported $265.5-million in revenue for the three months ended May 31, down from $268-million a year earlier.

The consensus estimate was for Astral's revenue to increase to $276.4-million.

Astral is being acquired by BC Inc. in a friendly deal awaiting approvals.

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