Stingray Digital reports increased profits
Published Thursday, February 4, 2016 10:50AM EST
Stingray Digital Group had a strong third quarter with increased profits compared to the previous year.
The Montreal-based announced a net profit of $3.16 million for the third quarter -- up 111 percent compared to the same quarter in 2015.
For the three months ending Dec. 31 2015 the company's revenue totaled $23.1 million, an increase which is attributed to company acquisitions.
Stingray says the drop in value of the Canadian dollar is also boosting revenue, since most of its sales are in U.S. dollars.
Since the beginning of the year Stingray has spent $26 million on acquisitions to consolidate its growth, especially in the Asian Pacific market.
Stingray operates TV chains such as Galaxie, Concert TV and the Karaoke Channel.