Montreal, - Astral Media Inc. reported a record net profit from continuing operations Wednesday as the company generated higher revenues from its media and advertising divisions.
The radio and TV broadcaster said last week it earned $57.1 million for the year ended Aug. 31. That's almost double the $29.7 million earned in the previous year.
Revenues for fiscal 2002 grew 16% to $400 million. For the fourth quarter alone, net profits from continuing operations were $10.5 million, including a non-recurring $5.6 million after-tax write-down of a broadcast license. In last year's fourth quarter Astral earned $6.9 million. Revenues increased 8% to $102.3 million.
Astral Media is active in specialty, pay and pay-per-view television, owning such assets as The Movie Network, MoviePix, Family Channel, Canal Indigo, Super Écran, Canal Famille, Canal D, Canal Z, Canal Vie, Historia, Series+, Viewer's Choice Canada and pieces of Teletoon, Musimax and MusiquePlus, radio broadcasting and outdoor advertising.
"Our television group once again led the way achieving record subscriber levels and outstanding growth in advertising revenues," said company co-founder and CEO Ian Greenberg
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