Chorus Entertainment Inc. on Thursday reported a decline in first-quarter profit despite increased revenue, which was driven by strong performance in its television and advertising.
For the three months ended November 30, Canada’s mass-media and entertainment conglomerate posted net income attributable to shareholders of Canadian dollars 76.2 million (US$61 million), up from C$76.7 million a year earlier. Earnings per share was 36 Canadian cents.
The company said total revenue grew approximately 10% from C$420.4 million to C$463.9 million, led by growth in advertising and television.
“Television revenue in Q1 exceeded pre-pandemic levels, benefiting from Global TV’s winning fall schedule and strong advertising demand,” Chief Executive Doug Murphy said.
The company said that despite higher revenues, profit margins for both the television and radio sectors declined in the latest quarter.
Write to Will Feuer at [email protected]