Quebecor reports increase in profit for third quarter, as revenue slips

MONTREAL — Quebecor Inc. is reporting a rise in profits in the third quarter even as revenue slipped compared with the same period a year earlier.

The Montreal-based telecom and media company says profit attributable to shareholders for the quarter ended Sept. 30 rose year-over-year by $5.3 million for a total of $178.4 million, or $0.72 per diluted share, compared to $173.1 million, or $0.68 per diluted share, a year earlier.

Revenue for the quarter amounted to $1.143 billion, a $4.5 million decrease compared with the same period in 2021.

Quebecor says adjusted cash flows from operations for the telecommunications segment increased by $44.3 million in the quarter compared to a year ago.

Quebecor's subsidiary Videotron Ltd. increased its revenues from mobile services and equipment by $30.7 million and from internet access by $13.6 million in the quarter. The increase in internet access revenues was due in part to the acquisition of VMedia Inc.

President and CEO of Quebecor Pierre Karl Péladeau says the company is making every effort to become the fourth major wireless and internet service provider across Canada and remains committed to closing the acquisition of wireless carrier Freedom Mobile.

On Aug. 12 Quebecor's Videotron subsidiary entered a definitive agreement with Rogers Communications Inc. and Shaw Communications Inc. to acquire Freedom Mobile for a total amount of $2.85 billion on a cash-free, debt-free basis. The deal is subject to regulatory approval.

This report by The Canadian Press was first published Nov.3, 2022.

Companies in this story: (TSX:QBR.B)

The Canadian Press