(Toronto) Corus Entertainment posted a loss for its most recent quarter on Thursday, after posting a profit in the same period last year, as it recorded a non-cash impairment charge related to the variance of acquisition, broadcast licenses and trademark assets totaling $590.0 million.
The television and radio station owner said the loss attributable to shareholders reached $495.1 million, or $2.48 per share, for the quarter ended May 31.
That loss compared with a profit of $29.6 million, or 14 cents per share, for the same quarter last year.
Revenue totaled 397.3 million for Corus’ third quarter, compared to revenue of 433.5 million a year earlier.
On an adjusted basis, Corus said it earned 9 cents per share for the quarter, down from an adjusted profit of 15 cents per share last year.
Analysts on average had expected adjusted earnings of 5 cents per share, according to forecasts compiled by financial data firm Refinitiv.