TVA Group posts smaller loss, buoyed by hockey

TVA Group Inc. reported a smaller net loss in the third quarter compared to the previous year, as revenues were lifted by the World Cup of Hockey event this fall. In the three-month period ended Sept. 30, the Quebecor Inc. subsidiary reported a net loss of $32.5 million, compared to a loss of $36.4 million in the same period a year earlier. Operating income for all three segments was down 33 per cent to $20.6 million from $30.8 million last year. Broadcast and production and film production and audio-visual services fell, the former due to lower adjusted income for TVA Network and the TVA Sports channel and the latter due to lower volume of activities. Magazines, however, floated the boat with gains of $5.7 million (compared to $3.8 million the same period a year earlier) attributable to the integration of the magazines acquired from Transcontinental in April of last year and “other cost-cutting initiatives.” Overall, revenue decreased five per cent to $131.5 million from $138.5 million in the same period last year; that includes its broadcasting and production, magazines, and film production and audio-visual services. The latter two segments took the brunt of the decline, with magazine revenue falling to $30 million from $34.9 million, due to the “discontinuation of some titles in 2015,” an 11.5-per-cent decrease in newsstand revenues and a 7.9-per-cent decrease in “advertising revenues for comparable magazines.” Film production and audio-visual services revenues fell to $15.9 million from $21.5 million, due to a decrease in revenues for equipment rental but offset by gains in visual effects and postproduction revenues. Broadcasting and production revenue increased 4.8 per cent to $88.4 million compared to $84 million last year, mainly due to the broadcast of the World Cup of Hockey tournament this fall. TVA Sports “accounted for more than half of the growth,” the company said in its discussion and analysis document, while the TVA Network’s advertising revenues sagged to partially offset the gains.

TVA Group posts smaller loss, buoyed by hockey

Brief | October 28, 2016

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TVA Group posts smaller loss, buoyed by hockey

Brief | October 28, 2016

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