CanWest, the global communications group that owns 45 per cent of TV3, has reported a small drop in earnings from its Irish interest in the first quarter of its 2004 fiscal year.
In a statement published yesterday, the Canadian-based multinational said TV3 made an operating profit of $3.7 million Canadian dollars (€2.25 million) in the three months to the end of November 2003, a drop of €160,000 on the same period in 2002. Revenue to CanWest from the Irish station was down €147,000 to €6 million.
The group's Canadian television interests also showed a drop in revenue with SARS, BSE, and a blackout in Ontario last summer cited as factors.
In contrast, the company said its television operations in Australia and New Zealand outpaced the growth of the television industries and the overall economies of those countries.
"We expect the positive momentum of our international operations to continue," said CanWest president Mr Leonard Asper.
The group said its total operating profits of Can$207.7 million, which were based on earnings before interest, taxes, depreciation and amortisation (EBITDA), reflected a small improvement from the pro-forma combined EBITDA for the same period last year.
A TV3 spokeswoman said its policy was not to comment on CanWest financial results, although she said TV3 had traditionally performed well within the group's portfolio.
