Usual suspects feature in CanWest earnings story

By SIMON HENDERY

If it were a television show, broadcaster CanWest's latest quarterly result would be a re-run of an old favourite.

The plot hasn't changed much over recent quarters - it remains a good news story of increased earnings from the company's stable of radio stations and the TV3 network.

However, the soon-to-be-revamped TV4 network continues to bleed red ink.

CanWest's New Zealand group earnings before interest, tax depreciation and amortisation for the nine months to May 31 spiked to $28.5 million from $17.1 million for the same period a year earlier.

While radio earnings were up 11 per cent from $17.3 million to $19.2 million, TV3 provided the big turn-around news, moving from a $1.2 million loss last time to a $14.5 million operating profit for the current 9-month period.

CanWest New Zealand chief executive Brent Impey said: "The advertising market in New Zealand can only be described as buoyant, and this combined with strong ratings for the channel has been instrumental in delivering a very impressive nine-month performance."

TV3's revenue for the nine months was up 24 per cent from $67.7 million to $84.1 million.

The company's other TV network, TV4, continued to suffer, recording an operating loss of $5.2 million for the nine months, compared with a $4.7 million loss a year earlier.

The network will be relaunched as 4Music, a youth music channel, in October.