Quebecor reports an increase in its profits in the second quarter of the current fiscal year, but a decline in its revenues.
Posted at 6:31 a.m.
The Quebec telecommunications giant said Thursday that in one year, its net income attributable to shareholders increased by 33.9 million, or $0.16 per basic share, to reach 157.4 million.
Adjusted earnings from continuing operating activities increased $3.4 million to $161.7 million, or $0.68 per basic share, as operating cash flow increased 6.8% .
The company reports that in the second quarter, the Telecommunications sector posted an increase of 11.9%, or 39.3 million.
TVA Group’s results were significantly affected by the drop in profitability of the Broadcasting sector in the second quarter of 2022, which Quebecor explains mainly by the increase in content investments.
Quebecor’s revenues were $1.12 billion in the second quarter of 2022, down $16 million, or 1.4% from the same period of 2021.
The President and CEO of Quebecor, Pierre Karl Péladeau, assures that the company remains determined to pursue its growth ambitions on a Canadian scale. On June 17, the Videotron subsidiary signed an agreement with Rogers Communications and Shaw Communications to acquire Freedom Mobile for a total amount of $2.85 billion, assuming zero cash and debt. The agreement is however conditional, among other things, to its authorization under the Competition Act and to the approval of Innovation and Science and Economic Development Canada.
Mr. Péladeau believes that the acquisition of Freedom Mobile would be a high value-added transaction for all stakeholders.