TV3 brings CanWest profit

Ireland's TV3 was the only television channel operated by Canadian group CanWest Global to deliver increased profits in the three months to the end of November.

In its first-quarter results released yesterday, the Canadian broadcaster and publisher said that the 45 per cent stake it owns in TV3 delivered operating profit of 5.73 million Canadian dollars (€4.1 million) in the quarter, up 23 per cent on the year-earlier period.

Revenue at TV3 was C$12 million, a 6.4 per cent gain on the same period in 2004.

ITV owns 45 per cent of TV3 with a small number of Irish shareholders holding the rest of the stock.

The positive performance at the Irish television channel, which broadcasts from Ballymount Industrial Estate in Dublin, compares with a negative performance by the company's other television operations. Combined they recorded a total operating profit of C$151.5 million, down 22 per cent on the prior period.

Total television revenue was down 5.7 per cent at C$860.5 million.

CanWest operates television stations in Canada, New Zealand and Australia. Overall, CanWest, which also has radio and newspaper interests, reported a 14 per cent drop in net income to C$30 million in the first quarter, from C$35.4 million in the year-earlier period. Revenue slipped 1.4 per cent to C$860 million.

In a statement to the Toronto stock exchange, CanWest said contributions from its international operations had remained solid in the quarter.