Corus Entertainment (CJR.B) reported a 59% decline in its fiscal first quarter profit as revenue generated from its television and radio programs dropped during the period.
The Toronto-based company, which produces a variety of television and radio shows for adults and children, said it earned $31.4 million in net income, or 16 cents per share, for the three months ended November 30, 2022.
That was down nearly 60% from a profit of $76.2 million, or 36 cents a share, in the same quarter of 2021.
Revenue in the latest quarter totalled $431.2 million, down 7% from $463.9 million a year earlier.
Corus said that its television revenue fell 8% to $401.5 million compared with $434.7 million a year ago. Radio revenue was essentially flat from a year earlier at $29.7 million in fiscal Q1.
Corus Entertainment’s stock has decreased 57% over the last year to $2.26 per share.
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