Source : Hollywood Reporter

TORONTO -- Better results from offshore assets helped Canadian broadcaster CanWest Global Communications Corp. on Wednesday to post a 19% increase in first-quarter profit, offsetting a fall in Canadian TV revenue.

Winnipeg, Manitoba-based CanWest Global reported earnings of CAN$81 million ($62.3 million) for the three months ending Nov. 30, compared with a year-earlier CAN$68 million.

That increase came despite first-quarter revenue falling to CAN$586 million ($450 million), compared with a year-earlier CAN$633.5 million.

Canadian broadcast revenue came to CAN$191 million ($147 million), down from CAN$215 million in 2003.

"The Canadian television market struggled during the quarter, and declining advertising sales evident across the television industry in the fall months did not reflect the improving Canadian economy," CanWest Global CEO Leonard Asper said.

CanWest Global has the Canadian rights to CBS' "Survivor" series, the top-rated show on domestic TV here. But during the fall TV season, the broadcaster had 12 of the top 25 programs in Toronto, Canada's largest TV market, behind rival CTV Inc. which has a larger number of Top 10 U.S. network series hits.

Falling TV sales in Canada were offset by stronger sales at Australia's Network Ten, where CanWest Global holds a 57% stake. The Canadian broadcaster said Network Ten led Australian TV ratings in the 16-to-39-year-old demo, allowing parent CanWest Global to post an operating profit of CAN$52.6 million ($43 million) during the latest quarter, compared with a year-earlier operating profit of CAN$37 million.

And the operating profit at CanWest Global's two New Zealand TV networks, 3 and C4, grew 36% to CAN$10 million ($7.7 million).

Besides its Canadian TV and newspaper operations, CanWest Global operates broadcasting assets in New Zealand, Australia, Ireland and Britain.

© Hollywood Reporter