12:00 PM EDT, 04/12/2024 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Friday said its fiscal second-quarter loss narrowed while it warned it expects lower advertising revenue for its current quarter.

The broadcaster reported a fiscal second-quarter adjusted loss of C$5.94 million, or C$0.03 per share, in the quarter ended Feb.29, narrowing from a loss of C$13.88 million, or C$0.07 per share, in the year-ago quarter. It met the Capital IQ forecast for a loss of C$0.03 in Q2.

Fiscal second-quarter revenue came in at C$299.5 million, down from C$343.9 million in the year-ago quarter. It also met the Capital IQ forecast on revenues for Q2.

"Television advertising revenue for the second quarter was in line with our expectations," said chief executive Doug Murphy. "Importantly, premium scripted content returned to our networks and platforms in February with promising early audience results. That said, visibility in the advertising market remains limited despite the normalization of our program supply."

In the third quarter, the company expects delivery of new episodes of scripted programming to resume closer to normal levels following the settlement of labor actions by U.S. writers and actors guilds. However, lingering impacts from the disruption of advertising markets due to the strikes as well as macroeconomic uncertainty and the competitive environment are expected to lower demand for linear advertising.

Corus expects year-over-year declines in television advertising revenue in the fiscal third quarter in the range of 10% to 15%.

Corus Class B shares were last seen down C$0.16 to C$0.64 on the Toronto Stock Exchange.

Price: 0.64, Change: -0.16, Percent Change: -20.00