Canwest Global Communications Corp (CVE:CGS) reported its first quarter earnings for fiscal 2010 showing a 20% increase in operating profit, and a 15% decrease in operating expenses. The company reported total revenues of $571 million for the three months ended November 30, 2009. The revenues were 10% less than the $634 million earned for the year ago period.
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Canwest reported net earnings of $653 million for the three month period ended November 30, 2009. The results included the gain earned from the sale of its Ten Network Holdings Limited interest worth $570 million. The full financial results can be obtained on the company’s website, http://www.canwest.com/. For more information regarding the financial results, contact Hugh Harley, Director of Investor Relations, at 204.953.7731, or hharley@canwest.com.
Canwest Global Communications Corp. (Canwest Global) is a Canada-based media company. The Company is a publisher of English language daily newspapers, and owns, operates and/or holds interests in free-to-air and subscription-based television networks, out-of-home advertising, Websites and networks in Canada and Australia. Its segments include television broadcast, publishing and out-of-home advertising. Its publishing segment includes the publication of newspapers and magazines, including metropolitan daily newspapers, as well as the operation of canada.com and other Internet operations. In March 2009, the Company sold The New Republic, which was included in the Publishing segment. In May 2009, Canwest Global sold its radio segment. In August 2009, the Company sold two of the five E! Network-branded television stations included in its Canadian television segment, CHCH-TV in Hamilton and CJNT-TV in Montreal.
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