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Corus CEO John Cassaday
Corus CEO John Cassaday

Corus profit more than doubles Add to ...

Corus Entertainment Inc. says a combination of strong growth in both advertising and revenue from subscribers helped the media company more than double its second-quarter profit.

The Toronto-based company, which owns specialty television and radio operations across Canada, said that profit rose to $31.6-million or 38 cents per share. That compares with $14.6-million or 18 cents per share a year ago.

Profit per share from its continuing operations was 33 cents, in line with average analyst expectations according to a poll by Thomson Reuters.

Overall revenue increased to $191.1-million from $177.5-million.

Corus said the results were helped by its own corporate restructuring plans that took place last summer.

"Strong advertising and subscriber revenue growth continued in the second quarter," said president and CEO John Cassaday in a release.

"Coupled with our cost containment initiatives, we delivered double digit segment profit growth in both our radio and television divisions, demonstrating the power of operating leverage."

The company said its advertising revenue jumped to $82.2-million from $77.4-million in the comparable period.

Fees paid by subscribers to its television services grew to $75.6-million from $71.5-million.

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