TORONTO – Corus Entertainment Inc. says its first-quarter results fell short of expectations as it was hurt by a weak television advertising market.
As of end of day Tuesday, Corus shares were down $1.87, or 17 per cent.
Chief executive Doug Murphy says the weakness more than offset gains in other parts of its business.
The company reported a first-quarter profit attributable to shareholders of $77.7 million or 38 cents per diluted share for the quarter ended Nov. 30, up from $71.1 million or 36 cents per share a year ago.
However, on an adjusted basis, Corus says it earned a profit attributable to shareholders of $78.9 million or 38 cents per share for the quarter, down from an adjusted profit of $80.8 million or 41 cents per share a year ago.
Revenue at the television and radio media company totalled $457.4 million, down from $468.0 million in the quarter a year ago.
Television revenue fell to $415.5 million compared with $425.6 million a year ago, while radio revenue slipped to $41.9 million compared with $42.4 million in the same quarter a year earlier.
Corus Entertainment is the parent company for Global News.