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Corus profit slips, boosts payout

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Canadian media company Corus Entertainment (CJR.B-T) reported a 64-percent drop in fourth-quarter profit, hurt by higher expenses, but raised its dividend 25 percent.

For the June-August quarter, the company's net income fell to $6.8 million, or 8 cents a share, compared with $18.7 million, or 23 cents a share, a year ago.

Revenue for the company, which owns specialty-TV channels such as Movie Central, HBO Canada and Treehouse as well as radio stations, rose 4 percent to $202.8 million.

Analysts on average were expecting earnings of 28 cents a share, on revenue of $206 million, according to Thomson Reuters I/B/E/S.

Direct cost of sales, general and administrative expenses came in at $151.2 million versus $137.8 million in the year-ago quarter.

Interest expenses rose to $14.9 million, from $8.4 million a year ago.

Corus Entertainment, which is controlled by Canada's Shaw family through its ownership of the majority of Corus's Class A shares, said its board had approved an increase in annual dividend of 15 cents a share.

 

 

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