CBS Outdoors Americas Inc. reported a net profit in the third quarter of $248.3 million on turnover of $336.5 million, which compares with a net profit in Q3 of the previous year of $37.2 million on turnover of $338.2 million. In the first nine months of the year, CBS Outdoors’ net profit increased almost threefold to $279.1 million on turnover of $958.8 million, from a net profit of $93.5 million on turnover of $950.1 million. The company’s Q3 net profit reflects a non-cash benefit of $232.3 million from the reversal of substantially all of CBS Outdoors’ net deferred income tax liabilities, as a result of the US Internal Revenue Service agreeing that the company qualified as a real estate investment trust.
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