Broadcasting company Corus Inc. on Tuesday reported higher earnings and revenue from its first fiscal quarter, giving much of the credit to a stronger advertising market.
“We are very pleased with our Q1 results and, in particular, the renewed signs of strength we witnessed in the ad economy,” Corus CEO John Cassaday said in a statement.
The Toronto-based owner of television stations such as YTV, Treehouse and W Network said net earnings amounted to $50.4-million in the quarter ended Nov. 30, or 61 cents a share. That compared to income a year earlier of $47.7-million, or 59 cents a share.
Revenue was up 6.6% to $236.9-million in the quarter. Its TV operations saw growth of 10% and radio revenue was down five per cent.
Corus also announced it was raising its dividend by nine cents a year, which would put it at 95.5 cents a share annually for Class A holders and 96 cents for Class B.
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