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

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.

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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)

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