Corus raises Q1 earnings, despite overall revenue fall

The indie broadcaster saw lower TV ad sales impact its revenue line, as higher radio returns offset a fall in overall TV revenue.

Despite reduced overall revenue on lower TV advertising sales, Canadian indie broadcaster Corus Entertainment on Monday posted a higher first-quarter earnings.

Toronto-based Corus saw Q1 earnings rise to $54 million during the three months to Nov. 30, 2012, against a profit of $52.7 million in 2011.

That profit jump came despite overall revenue $226.1 million falling 5% from a year-earlier $236.9 million.

TV revenue fell 6% to $173.8 million, against a year-earlier $185 million, as a 1% rise in subscriber revenues was offset by a 3% fall in specialty ad revenue and a 25% decline in merchandising, distribution and other revenue.

Radio revenue was up 1% to $52.3 million, as strong radio station ratings and economic conditions in western Canada offset “softness” in Manitoba and Ontario, according to Corus.