Rogers Media, including mags, see 73% profit drop in Q1 2009

Rogers Media, which encompasses Rogers Publishing, saw a 73% drop in operating profit and a 7% drop in operating revenue in the first three months of 2009, according to figures released by the company. Revenue was $284 million in Q1, compared with $307 million in the same quarter a year ago. Operating profit was $6 million, compared to $22 million.

The company attributed the results primarily to the soft advertising market at its publishing, television and Shopping Channel divisions. No breakout is provided for its 70 consumer and trade magazines.

In addition to its magazines, Rogers Media includes Rogers Broadcasting (52 radio stations, the Citytv television network, Sportsnet, The Shopping Channel, OMNI television stations, several Canadian specialty channels, the Toronto Blue Jays Baseball Club and the Rogers Centre.

Overall, buoyed by results in the Rogers wireless and cable arms, Rogers Communications Inc. had a 5% growth in operating revenue ($2.747 billion in Q1 2009 compared with $2.61 billion in 2008). Wireless network revenue was strong and grew by 8% year over year. The "significantly higher" additional acquisition and retention costs of, among other things, the the company's smartphone network -- with approximately 145,000 new customers and 360,000 activations by new and returning customers -- resulted in about a 5% decline in net, adjusted income to $256 million in 2009.