TORONTO — Corus Entertainment Inc. reported a loss in its latest quarter compared with a profit a year ago as it took a non-cash impairment charge related to goodwill, broadcast licences as well as trademark and brand assets totalling $590.0 million.
The television and radio broadcaster says its loss attributable to shareholders amounted to $495.1 million or $2.48 loss per diluted share for the quarter ended May 31.
The loss compared with a profit of $29.6 million or 14 cents per diluted share in the same quarter last year.
Revenue totalled $397.3 million for what was the company’s third quarter, down from $433.5 million a year earlier.
On an adjusted basis, Corus says it earned nine cents per share for the quarter, down from an adjusted profit of 15 cents per share in the same quarter last year.
Analysts on average had expected an adjusted profit of five cents per share, based on estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published June 29, 2023.
Companies in this story: (TSX:CJR.B)
