TV, radio lift Astral quarter
Co. sees 43% jump in net earnings to $14.4 mil
For the quarter ended May 31, Montreal-based Astral posted a 43% jump in net earnings to $14.4 million on revs that were up 21% to $90.4 million.
Of that, the company's TV arm kicked in $66 million, up 12% from the same quarter a year ago, and the radio division contributed $18 million, more than double the $7 million posted in last year's Q3.
"We have again demonstrated a very solid financial performance overall this quarter with our television and radio groups leading the way," prexy-CEO Ian Greenberg said in a statement. "With continued strong growth in the number of pay TV subscribers of 13.7% year over year and advertising revenue growth of 38% in the third quarter, the television group continues its solid performance."
The company's stock closed the day up more than 5% by C$1.16 (83¢) to $17.07.
Astral Media has interests in specialty, pay and pay-per-view TV; radio; and outdoor advertising.
