Quebecor Inc. reported its third-quarter profit and revenue edged lower compared with a year ago.
The company said its net income attributable to shareholders amounted to $189 million or 81 cents per share for the quarter ended Sept. 30.
The result compared with a profit of $209.3 million or 91 cents per share in the same quarter last year.
Quebecor said its adjusted income from operating activities amounted to 82 cents per share, down from 88 cents per share in the same quarter last year.
Revenue for the quarter totalled $1.39 billion, down from $1.42 billion a year earlier.
During the quarter, the company said it added 132,100 mobile phone subscriptions, compared with an increase of 88,700 in the same period of 2023 — an increase of 3.4 per cent and what it called the best quarterly growth in its history.
Quebecor said it now has a total of more than four million wireless connections under its Videotron, Freedom Mobile and Fizz brands.
Chief executive Pierre Karl Péladeau called it an "important milestone" for Quebecor.
"With wireless growth of more than 132,000 connections in the third quarter and nearly 352,000 connections over the past 12 months, the corporation continues to demonstrate its ability to gain market share across its service area and solidify its position as Canada’s fourth major telecommunications provider," he said in a press release on Thursday.
Quebecor reported its mobile phone average revenue per user was $35.31 in the third quarter, down $2.29, or 6.2 per cent, from the third quarter of the prior year.
It said that was mainly due to higher promotional discounts, lower overage revenues and a change in the customer mix, including the dilutive effect of Freedom’s and Fizz’s prepaid services.
This report by The Canadian Press was first published Nov. 7, 2024.
Companies in this story: (TSX:QBR.B)
Sammy Hudes, The Canadian Press
