WINNIPEG – A stronger advertising market and lower operating costs contributed to a 3% increase in revenue for the third quarter at CanWest Global Communications, the company announced Thursday.
For the quarter ended May 31, 2010, consolidated revenue of $557 million and operating profit of $150 million were up 3% and 101%, respectively, when compared to the same period in the previous year. Excluding results from the now defunct E! network, which was included in CanWest’s 2009 results, consolidated revenue and operating profit for the third quarter of fiscal 2010 increased by 7% and 29% respectively.
Net earnings of $16 million for the quarter were a marked increase over the same period last year in which CanWest recorded a $111 million net loss.
Tom Strike, CanWest’s president, said that the company “has made significant progress” in the financial restructuring of its television and newspaper businesses.
“Yesterday, the newspaper publishing business emerged from creditor protection as a going concern”, Strike said in a statement. “The television broadcasting business operations are also expected to emerge from creditor protection as a going concern no later than the fall of this year.”
Television operations, including CW Media’s specialty television operations, reported third quarter revenue of $287 million, up 5% compared to the same period in the previous year. Quarterly revenue for CanWest’s publishing operations was $270 million, or 1% higher than revenue of $269 million for the same period in fiscal 2009.
