CTV’s first-quarter earnings fell by 13% due to what the network describes as higher interest expenses from its majority stake in NetStar Communications plus losses from its Sportsnet specialty channel.

Net income fell to $14.1 million in the first quarter ended Nov. 30, 1999 from $16.3 million over the same period last year. Lower television revenue was also a contributing factor, the network says.

As a result, earnings per share dropped to $0.24 from $0.38 last year – a 37% drop. If NetStar’s results were consolidated with ctv’s results, cash flow per share would be higher, the network says.

The company’s 68% interest in NetStar – parent company of The Sports Network and Discovery Channel – purchased last February, was not consolidated because the transaction has yet to be approved by the crtc. ctv expects a ruling by early March

Revenues for the three months were down to $151.6 million from $154.9 million last year.