(Vancouver) Telus reported Friday a profit down 75% for its third quarter, despite solid growth in revenues and record growth in its number of customers.
The telecommunications group indicated that its net profit stood at 137 million for the quarter ended September 30, while it had been 551 million during the same period last year.
Telus attributed the plunge to restructuring costs incurred in the wake of its announcement in August of the loss of 6,000 jobs due to difficulties linked to regulatory and competition issues.
The Vancouver-based company said its operating revenues increased 7.5% in the third quarter to $4.99 billion, compared to $4.64 billion in the same quarter a year earlier.
Adjusted profit fell nearly 27% to 25 cents per share, compared with last year’s profit of 34 cents per share. This result nevertheless exceeded the expectations of analysts, who on average targeted a profit per share of 24 cents, according to forecasts collected by the financial data firm Refinitiv.
Telus noted that net customer growth reached a record 406,000 in the most recent quarter, up from 59,000 a year earlier. According to the company, this gain was fueled by demand for related services.