Toronto-based Corus Entertainment (CJR.B) has reported a net loss of -$495.1 million for its latest quarter, which is a substantial downturn from a profit of $29.6 million a year earlier.
The producer of television and radio content said its loss attributable to shareholders amounted to -$2.48 per share for the fiscal third quarter ended May 31, compared to a profit of $0.14 a share in the same quarter of 2022.
Analysts who cover the company had, on average, expected a profit of $0.05 per share, according to Refinitiv data.
Revenue in the latest quarter totalled $397.3 million, down 8% from $433.5 million a year ago.
The quarterly loss was blamed on a non-cash impairment charge related to goodwill, broadcast licences, and brand assets that amounted to $590 million.
Corus Entertainment’s stock has declined 64% in the last 12 months and is down 73% over five years. The company’s shares currently trade at $1.29 each.
