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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.


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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