Corus reports $9.8M Q2 loss compared with $15.5M loss a year ago, revenue down

TORONTO — Corus Entertainment Inc. reported a loss attributable to shareholders of $9.8 million in its latest quarter compared with a loss of $15.5 million a year earlier as its revenue fell 13 per cent.

The television and radio broadcaster says the loss amounted to five cents per diluted share for the quarter ended Feb. 29 compared with a loss of eight cents per diluted share in the same quarter last year.

Revenue in what was the company’s second quarter totalled $299.5 million, down from $343.9 million a year earlier.

The drop came as television revenue in the quarter fell to $278.1 million compared with $321.5 million last year, while radio revenue slipped to $21.5 million compared with $22.3 million a year earlier.

On an adjusted basis, Corus says it lost three cents per share in the quarter compared with an adjusted loss of seven cents per share a year earlier.

In its outlook, Corus says it expects a year-over-year decline in television advertising revenue in its third quarter in a range of 10 to 15 per cent. It also says amortization of TV program rights is expected to decline in the quarter by a similar range on a year-over-year basis and that it will continue cutting costs.

This report by The Canadian Press was first published April 12, 2024.

Companies in this story: (TSX:CJR.B)

The Canadian Press