TORONTO -- An uptick in the ad market, growth in subscriber numbers and extra radio assets have boosted net earnings 65% at Montreal-based Astral Media.
Net earnings for the first quarter of the financial year, ended Nov. 30, were C$16.1 million ($10.5 million), on revenues of $74.6 million, up 14% from last year's first quarter, which excluded a one-time gain of $8.5 million on the sale of Astral's interest in The Comedy Network. Otherwise net earnings for the first quarter of 2001 were $14.9 million.
"This very robust quarter is due principally to a strong increase in the advertising market felt across all our properties and by sustained television subscriber growth," said Astral prexy and CEO Ian Greenberg.
Television revenues were up 10% from the same quarter a year ago, at $56.6 million. The radio division enjoyed a revenue increase of 40% to $11.4 million, and the company's outdoor advertising division revenues were up 12% to $6.5 million.
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