The federal broadcast regulator said the 675 commercial radio stations operating in Canada earned revenue totalling $1.62 billion for the broadcast year ended August 31, 2012.
That's compared to $1.61 billion in 2011.
Expenses during the same period declined by $3.7 million, resulting in profits before interest and taxes of $323 million, up from $311 million in the previous year.
The CRTC said there were 11 new FM stations in 2012 to bring the total to 546 with combined revenue of $1.31 billion, up slightly from $1.3 billion in 2011.
Meanwhile, the number of AM stations declined to 129 in 2012, from 134 the previous year, dropping revenues 1.6 per cent lower to $306 million, from $311 million in 2011.