OTTAWA (dpa-AFX) - Diversified Canadian communications company Shaw Communications, Inc. (SJR, SJR_B.TO) Thursday reported a lower fourth-quarter profit, reflecting a wider loss from discontinued operations, despite a 26 percent growth in revenues.
In the fourth quarter, the company's net income attributable to shareholders declined to C$80.71 million from C$121.57 million reported last year. On a per share basis, earnings were C$0.18, down from C$0.28 per share in the year-ago period.
Net income from continuing operations increased to C$166.24 million or C$0.37 per share from C$122.55 million or C$0.28 per share in the prior year.
For the quarter, the company posted a loss from discontinued operations totaling C$83.75 million or C$0.19 per share, wider than C$976 thousand a year ago.
Revenues for the quarter grew to 25.8 percent to C$1.18 billion from C$938.87 million in the same quarter last year.
Brad Shaw, chief executive officer of the company said, 'Our performance in the fourth quarter was highlighted by solid operating income growth in the Cable division and margin improvement.'
Revenue in the Cable division improved 6 percent to C$784 million, primarily driven by price changes and growth. In the Satellite division, revenue was $208 million, up 3 percent over the prior year.
Looking forward, the company expects continued growth in revenue and operating income before amortization across all divisions in 2012.
Additionally, Shaw's board declared monthly dividends of C$0.076667 on its Class B Non-Voting Participating Shares and C$0.076458 on its Class A Participating Shares, payable on each of December 29, 2011, January 30, 2012 and February 28, 2012, to holders of record at the close of business on December 15, 2011, January 15, 2012 and February 15, 2012, respectively.
SJR is currently trading at $20.40, down $0.30 or 1.45 percent, on a volume of 52 thousand shares.
SJR-B.TO is trading down 1.9 percent at C$20.69 on the Toronto Stock Exchange.
Copyright RTT News/dpa-AFX
