Quebecor’s TVA Group nearly doubles second-quarter profit
The Quebecor logo is seen at the company's annual meeting Thursday, May 26, 2011 in Montreal. (THE CANADIAN PRESS/Ryan Remiorz)
Published Tuesday, August 7, 2012 2:25PM EDT
MONTREAL-- Quebec media company TVA Group Inc. (TSX:TVA.B) nearly doubled its second-quarter profit, thanks to gains the broadcaster and publisher made from the sale of its interests in two specialty services.
TVA's overall net income attributable to common shareholders rose to $23.7 million or $1 per share, including $12.9 million or 54 cents per share from the sale of its 51 per cent stake in The Cave and 50 per cent stake in Mystery TV.
TVA is a publicly traded subsidiary of Quebecor Inc. (TSX:QBR.B), which releases its quarterly report on Thursday.
Operating income in TVA's television sector fell to $17 million due to a loss at the new TVA Sports service, partially offset by higher operating income at other French-language specialty services and a smaller loss at the Sun News channel.
Operating income in TVA's publishing sector fell by $450,000 to $2.6 million, due to lower newsstand sales and advertising revenue.