06/19/2013 12:02 EDT | Updated 08/19/2013 05:12 EDT

CRTC says profits up at commercial radio stations as revenues grow, costs shrink

OTTAWA - The CRTC says profit margins improved at the country's commercial radio stations in 2012, as expenses shrunk and total revenue grew by 0.4 per cent from the previous year.

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.