News

Satellite radio operator Sirius XM swings to almost $8M profit in Q3

TORONTO – Sirius XM Canada Holdings Inc. swung to a profit in its fiscal third quarter as revenue increased 9.4 per cent.

The parent of satellite radio company Sirius XM Canada Inc. says net income was $7.96 million in the three months ended May 31, compared with a net loss of 4.73 million in the year-earlier period.

Revenue improved to $83.1 million from just under $76 million, which the company described as a record.

Sirius said the year-over-year improvement was driven by growth in the company’s self-paying subscriber base and an increase in self-pay average revenue per user, which was up 4.4 per cent to $12.87 from $12.33 in the prior-year period.