Shaw reports Q3 profit, less drag from Corus stake; Freedom Mobile grows

CALGARY – Shaw Communications Inc. earned $ 229 million in its latest quarter, as revenue increased nearly three per cent from last year and the company recorded a smaller loss on its investment in Corus Entertainment.

Revenue for the three months ended May 31 grew to $ 1.32 billion this year from $ 1.29 billion last year, with the strongest growth coming from its Freedom Mobile wireless business.

Most of Shaw’s revenue comes from cable and internet services, while its wireless service operates in Ontario, Alberta and British Columbia.

Its net income for what was the company’s third quarter amounted to 44 cents per share, which compared with a year-earlier loss of $ 99 million or 20 cents per share.

Last year’s third-quarter loss included a writedown related to Shaw’s investment in Corus, which acquired Global Television and other media assets from Shaw several years ago in return for cash and shares.

ARTICLE CONTINUES BELOW

Shaw sold its stake in Corus for net proceeds of $ 526 million at the end of May in a move that resulted in a loss of $ 109 million in the quarter.

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

TORONTO STAR