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CanWest-owned newspaper boxes in Vancouver (DARRYL DYCK/Darryl Dyck/The Canadian Press)
CanWest-owned newspaper boxes in Vancouver (DARRYL DYCK/Darryl Dyck/The Canadian Press)

CanWest posts profit on Ten Network sale Add to ...

Canwest Global Communications Corp. said Wednesday it earned $652.5-million in its latest quarter, boosted by the sale of its stake in Ten Network Holdings in Australia.

The media conglomerate, which is operating under court protection from creditors, said the profit amounted to $3.66 per share for the quarter ended Nov. 30 compared with a loss of $36.9-million, or 21 cents per share, for the same period a year ago.

Revenue totalled $570.7-million, down from $634.3-million.

"Although the revenue environment continues to be difficult, it gradually improved from September through to November in both broadcasting and publishing, CanWest president and chief executive officer Leonard Asper said in a statement.

"We have taken steps to enhance our competitive position through the closure or sale of unprofitable operations and significant reduction in operating costs."

CanWest was forced to seek protection from creditors last year when the recession squeezed advertising revenues at its newspapers and TV stations.

As well, $4-billion in debts from earlier acquisitions produced mounting losses and made it impossible for Canwest to stay out of the red.

The company acquired the former Southam newspaper chain then owned by Conrad Black's Hollinger Inc. for more than $3-billion about a decade ago at the top of the market for newspaper assets.

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