Astral Media is the latest Canadian broadcaster to ride an ad recovery to earnings growth.

The Montreal-based radio, TV and outdoor advertising player posted fourth quarter earnings of $38.4 million to Aug. 31, compared to a loss of $273.2 million in 2009 due to one-time items.

Stripping out unusual items, including radio tariff changes, Astral would have earned $45.1 million in the fourth quarter, up 2% from a profit of $44.3 million in 2009.

And overall revenue was up 9% to $238.4 million during the latest frame.

“In the second half of the year, all of our business units posted solid revenue growth as the advertising market showed signs of recovery,” Astral CEO Ian Greenberg told analysts during a teleconference on Wednesday.

Despite last year’s industry ad downturn, Greenberg added Astral has continued to invest in the company’s future: “In fiscal 2010, our focus on programming and branding initiatives continued in order to further strengthen our portfolio of assets.”

Cable giant Cogeco, which also has broadcast assets, is the next to report its financial results on Thursday.