Source: Canadian Press

WINNIPEG — Canwest Global Communications Corp. (TSX:CGS) said that its Australian operations saw a drop in operating profits in its first quarter.

The company said that Ten Network Holdings Ltd earned $292.3 million Australian dollars in revenue and $91.6 million in earnings before interest, taxes, depreciation and amoritization for the quarter.

That compared with revenue of $327 million and $122.5 million in earnings before interest, taxes, depreciation and amoritization a year ago.

Canwest holds 57 per cent of Ten Network Holdings, which owns and operates the Ten Television Network and EYE Corp.'s advertising business.

"We have a sound business plan that will see us both weather a soft market and be well positioned to grow when the market strengthens," Canwest president and chief executive Leonard Asper said in a statement.

Canwest owns the Global Television Network and is publisher of daily newspapers in Canada.

© Canadian Press