CanWest reports net annual profit of Can$200m

Canadian television company CanWest Global which runs and partly owns TV3 in the Republic, last night reported net annual profits of 200 million Canadian dollars (£88 million) for the period to the end of August - a rise of 41 per cent on the previous financial year. The company said its earnings included a Can$61 million gain on the sale of its stake in an Australian television company.

Combined revenue for the year was Can$871 million, up slightly more than 4 per cent on the Can$835 million for the previous year, the company said. After absorbing "normal start-up losses" with TV3 and other businesses, the company predicted next year's results would be "comparable" to this year's. CanWest Global holds 45 per cent of TV3, and manages the station, while also controlling a 29.9 per cent stake in Ulster Television.