Shaw Communications CEO Brad Shaw on Thursday said the cable giant was operating in a “volatile economic and competitive environment.”

Despite those headwinds, Calgary-based Shaw Communications posted strong first quarter financials, including sharply higher earnings compared to 2010 when Canwest Global Communications Corp. acquisition costs were accounted for.

Shaw posted a profit of $202 million for the three months to Nov. 30, compared to earnings of $17 million in the same period of 2010.

Last year’s Q1 profit line included a one-time charge of $139 million to discount the value of CRTC benefit obligations related to the takeover of Canwest Global, whose TV assets were later relaunched as Shaw Media, and restructuring expenses of $58 million.

Stripping out the one-time items, Shaw Communications’ first quarter earnings in 2010 came to $164 million.

Adding in the newly-acquired Shaw Media TV assets, however, and price hikes for cable and satellite services, helped Shaw Communications raise its Q1 revenues this year by 19% to $1.28 billion.

Cable revenue rose 4% to $792 million, while satellite TV revenue was up 1% to $209 million.

Shaw Communications also posted $299 million in revenue for the first full quarter contribution from its Shaw Media division, down 3% on comparative basis from 2010 levels due to a soft advertising market in uncertain economic times, the company reported.