CanWest purchase eats into Shaw’s profits
CALGARY – The acquisition of CanWest plus some one time CRTC fees battered Shaw’s first quarter profits, driving them down 82%.Shaw said Thursday that its net income for the three month period ended November 30, 2010 plunged to $20 million, compared to $114 million for the same period last year. The current period included a $139 million charge for the discounted value of the $180 million CRTC benefit obligation related to the acquisition of CanWest (now Shaw Media), plus a one-time CRTC Part II fee recovery fee. Consolidated revenue of $1.08 billion was up 19% over the comparable period last year.The...
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