Rogers media division projecting 4% to 10% decline in earnings

Rogers Communications Inc. is forecasting that its media division, including its major consumer and trade magazine properties, TV stations and Toronto Blue Jays, will see a decline earnings this year from 4 to 10%, driven by continuing weaknesses in advertising.

Rogers announced a net adjusted profit of $412-million on revenue of $2.89-billion for the quarter. Long-term debt load was $8.55-billion.

In its second-quarter earnings report, Rogers said its revenue would increase by 2 per cent to 4 per cent for the year, a cut from the original forecast of 5-per-cent to 9-per-cent revenue growth. The softness prompted a a 4.9-per-cent decline in Rogers' stock price. "We don't see anything in the economy that puts us on the cusp of a recovery," said Nadir Mohamed, CEO of Rogers.