MONTREAL – Third quarter profits at Astral Media increased by 7% in spite of a drop in revenue at its TV and radio divisions, an occurrence that the company blamed on a “challenging” ad market.
Consolidated net earnings for the quarter ended May 31 were $56.2 million, up from $52.6 million for the same period last year, while consolidated revenues totalled $265.5 million, down 1% from $268.0 million recorded last year for the same period. EBITDA rose by 2% to $89.2 million from $87.8 million year-over-year.
The Montreal-based company reported that television revenue fell by 2% this quarter and radio revenue dipped by 1%. Out-of-home revenue increased by 3%.
"I am pleased by the third quarter results announced today and by Astral’s ability to continue to achieve a strong performance in spite of the challenging advertising market in which we operate," said president and CEO Ian Greenberg, in a statement. "Our relentless focus on maintaining our operational margins, commitment towards new product development and innovation, and optimal treasury management practices, enabled us to deliver another strong quarter of earnings growth."
