MONTREAL – Momentum in the Canadian ad market helped to propel Astral to a “solid” first quarter of 2011.
Consolidated revenues totalled $267.1 million for the three months ended November 30, 2010, an increase of 7% over the $250.7 million recorded last year for the same period. Consolidated net earnings increased by 11% over last year, rising to $53.3 million from $48.2 million.
"Towards the end of Fiscal 2010, we saw encouraging signs of recovery in the Canadian advertising markets", said president and CEO Ian Greenberg, in a statement. "Clearly, that momentum carried through to our first quarter and allowed us to record another solid quarter of growth. All of our business units benefited from this momentum, with our Television and Out-of-Home divisions leading the way."
Television revenues for the quarter were $149.7 million up 6% from $141.2 million thanks to 16% and 3% increases in advertising and subscriber-related revenue, respectively. Radio revenues increased 3% to $91.6 million from $89.2 million last year, while out-of-home revenue jumped 27% to $25.8 million.
For more on Astral’s financial results, click here.
