Friday, November 27, 2009

Canwest revenues and operating profits slump

Canwest Global Communications Corp. saw its sales and operating profit drop in its latest quarter even as the bottom line improved from a massive year-ago loss, the company said Friday. Canwest, which owns the Global television network and the National Post newspaper among other assets, posted a net loss of $111 million, or 62 cents a share, for its fourth quarter ended Aug. 31. The beleaguered media giant's bottom-line loss was an improvement over the year-earlier loss of $1 billion, or $5.74 a share, which included more than $1 billion in asset writedowns. For all of the 2009 financial year, Canwest lost $1.7 billion, or $9.51 a share. That was much worse than the net loss of $1 billion, or $5.87, for 2008.

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