Business Standard

Corus Entertainment's quarterly revenue misses estimates


(Reuters) - Canada's Corus Entertainment Inc on Wednesday reported quarterly revenue that missed Wall Street estimates, hit by weakness in its television business.
Revenue from its television business, which includes brands such as Shaw Media and HistoryGo, fell nearly 5 percent to about C$403 million ($303 million), missing analysts' estimate of C$416 million, according to Thomson Reuters I/B/E/S.
Net loss attributable to Corus was C$936 million, or C$4.49 per share, in the third quarter ended May 31, compared with a profit of C$66.7 million, or 33 Canadian cents per share, a year earlier..
In the latest reported quarter, the company had a charge of C$1.01 billion related to broadcast license and goodwill impairment.
On an adjusted basis, the company earned 37 Canadian cents per share, beating analysts' average estimate by 1 Canadian cent.
Total revenue fell 4.4 percent to C$441.4 million, missing analysts' estimate of C$452.4 million.
($1 = C$1.33)
(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)

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First Published: Jun 27 2018 | 4:15 PM IST

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