Corus Entertainment posts $40mn quarterly profits, beating estimates
Leading Canadian media and entertainment company Corus Entertainment has posted $40mn in profits attributable to shareholders, rising 61% for the quarter compared to the $24.9mn recorded a year earlier.
Corus’ revenue slightly rose for the quarter ended 28 February, up to $369.5mn from $368.2mn, with the majority of the increased profits coming from the company’s new cost structure.
"This quarter has yielded positive growth in consolidated segment profit and a slight increase in consolidated revenues, with revenue gains in our Radio and Content divisions, and the continued realization of benefits from our new cost structure,” said Doug Murphy, President and Chief Executive Officer of Corus Entertainment.
“We are pleased with this quarter's results and the steady progress we are making against our strategic plan. Moving forward, Corus remains focused on maximizing and monetizing our high-value audiences, and we have a solid roadmap in place to position the organization for success over time within a changing media landscape.”
As a result of the report, Corus shares rose as much as 25% - the company’s biggest one day percentage gain in its history.
The company focuses on creating original media content to rival significant industry players such as Netflix and Amazon, with the company set to continue to invest in this strategy.