Quebecor credits magazines and TV for increased revenues and profitability

Quebecor Media's TVA Group, the province's largest publisher of magazines, reported a $19.8 million profit in its latest quarter, on revenues of $133.4 million, crediting both its television and publishing sides.Profit amounted to 83 cents per share, for the last quarter of 2010, compared with a profit of $21.1 million, or 89 cents per share, a year earlier on revenue of $128.5 million.

The publishing division  -- which includes consumer magazines, community weeklies and daily newspapers -- saw operating income increase by 34% compared with the same quarter of last year, from $1,772,000 in 2009 to $2,374,000 in 2010. The television division's income increased by $6,035,000, or 28.2%, compared with the same quarter of last year. According to CEO Pierre Dion, the 6.3% growth in operating revenues for publishing sector reflects a 9% growth in advertising revenues. The profit margin was 12.3%, compared with 9.8% in the same quarter of 2009.

For the fiscal year ending December 31, operating income increased 7.2% to $76.2 million, compared with $71 million in 2009. Consolidated revenues totalled $448.2 million, compared with $439.0 million in 2009, a 2.1% increase. For the same period, the Corporation generated net income of $38.2 million, or $1.61 per share, compared with $49.1 million, or $2.05 per share, in 2009.

"We are pleased with the financial results for the fourth quarter and the financial year overall, as we posted growth in normalized operating income in both of those periods," Dion said. In addition to magazines, the company has a dominant Quebec broadcasting operation and is owner of SUN TV in Toronto.