CANWEST RINGS UP HIGHER PROFITS
By Adnews Staff
CanWest Global Communications of Winnipeg reported higher profits in the first quarter, largely due to Canadian TV operations. Net profit for the three months ending Nov. 30 rose to $32.1 million, compared with $29.4 million a year earlier. Revenue jumped to $102.6 million from $91.8 million. The Canadian TV division, The CanWest Global System, had an operating profit of $37.2 million, up $8.8 million from a year ago. Revenue was $91.9 million, compared with last year's$82.5 million. Network Ten in Australia, in which CanWest has a 15% stake, had a profit of $17.7 million, up from $15.9 million. New Zealand's TV3, in which the Canadian company holds a 20% interest, had a 14.5% increase in revenue. Last week CanWest dropped its $636 million takeover bid for WIC Western Communications, after a court decision left control of the company with Western Broadcasting of Vancouver, the Griffiths family holding company.