Shaw Communications Inc. reported an increase in profit in its first quarter on higher revenues amid a volatile economic and competitive environment, the company said Thursday.
For the period ended Nov. 30, 2011, Shaw posted a profit of $202-million (43¢ a share) compared with $17-million (3¢) in the same period the year before.
The significant change in profit is due in part to a charge of $139-million to the CRTC related to the acquisition of Canwest, as well as other restructuring expenses worth $58-million.
Revenues are up 19% to $1.28-billion, largely due to the inclusion of Shaw Media, the broadcast assets of Canwest that include Global Television and other specialty channels, as well as customer growth and price changes in cable and satellite divisions.
Revenues in the cable and satellite divisions are up, but the media division posted a decline due largely to weakness in advertising.
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