Astral Media Inc. reported a 13% increase in Q1 profit on Wednesday, helped by a big gain in sales and profit from last year’s acquisition of Standard Radio. Astral said it earned $42.4 million, or 76 cents a share, in the three months ended Nov. 30, compared with $37.5m, or 69 Canadian cents a share, in the same period a year earlier.
Astral, which became Canada’s biggest radio broadcaster when it bought Standard Radio late last year for $1.1 billion, said revenue rose 24% to $244.5m from $197.7m a year earlier.
Radio revenue jumped 87% while earnings before EBITDA for the unit increased 81%. Television sales rose 3% and outdoor advertising revenue was up 6%.
“Given the current environment, we are obviously very pleased with the strength and the resilience of the company’s operating results,” Chief Executive Ian Greenberg said in a statement.
“We continue to remain disciplined and prudent, with a strong focus on execution, three key elements to help weather the current storm and ensure that our media properties remain must-buys in all of their respective markets.”
Operating expenses rose to $165m from C$132m.
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