Helped by the sale of its investment in ctv, CHUM Ltd.’s 1998 year-end results show a healthy earnings increase, but fourth-quarter net earnings indicate a $3.2-million drop from last year.

chum’s total revenues for the year ended Aug. 31 were $302.3 million, a $35 million increase from last year.

The year’s net earnings were $23 million or $1.93 per share, compared to $16.3 million or $1.35 per share a year earlier. The earnings include a $5.1 million or 43 cents per share gain on the sale of chum’s investment in ctv.

Fourth-quarter net earnings were $4.3 million, down from $7.5 million last year. Revenue for the three months ended Aug. 31 was up, however, to $78.9 million from $71.2 million for the same period last year.