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Corus Entertainment delaying decision on June dividend, reports Q2 profit up

The Corus logo at Corus Quay in Toronto is photographed on Friday, June 22, 2018. THE CANADIAN PRESS/ Tijana Martin
April 01, 2020 - 4:57 AM

TORONTO - Corus Entertainment Inc. is delaying its decision on whether to pay a quarterly dividend in June as it gauges the impact of the COVID-19 pandemic.

It says the latest a decision could be made is June 9, by which time it expects to have more clarity on the nature and length of the impact of the pandemic.

Corus, which owns television and radio stations across the country, including Global Television, did decide to stop buying back shares under its share buyback program in the immediate term in a move to conserve its cash.

The company announced the moves as it reported a second-quarter profit attributable to shareholders of $18.5 million or nine cents per diluted share, up from $6.3 million or three cents per diluted share in the same quarter a year earlier.

Revenue for the quarter ended Feb. 29 totalled nearly $376 million, down from $384 million in the same quarter a year ago.

On an adjusted basis, Corus says it earned a profit attributable to shareholders of $25.9 million or 12 cents per share, up from $15.7 million or seven cents per share in the same quarter last year.

This report by The Canadian Press was first published April 1, 2020.

Companies in this story: (TSX:CJR.B)

News from © The Canadian Press, 2020
The Canadian Press

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