Canwest posts $33M loss in Q1

WINNIPEG – Saying their first quarter results reflect “the slower economy and lower advertising volume”, Canwest Global Communications posted a loss of $33 million, compared with a profit of $41 million in the same period last year.In the quarter that ended November 30, 2008 Canwest reported that revenues increased 2% to $886 million, but operating profit dropped by 9% to $204 million. Canadian television operations saw first quarter revenues of $306 million, down $2 million, or about 1% from the previous year. Australian Network Ten's first quarter revenue of $202 million decreased 17% from $242 million during the same quarter in the year...