Rogers adjusted profit up on wireless growth
(Reuters) - Rogers Communications Inc (RCIb.TO: Quote), Canada's largest mobile phone company, said on Wednesday quarterly profit rose after stripping out special items, as a wave of new smartphone subscribers boosted wireless revenue.
Rogers added 76,000 net postpaid wireless subscribers, compared with 74,000 in the same period last year. Apple Inc's (AAPL.O: Quote) iPhone 5 went on sale late in the third quarter.
Postpaid subscribers, who sign multi-year contracts, typically pay more each month than prepaid customers.
Rogers, which also owns television stations, magazines and the Toronto Blue Jays baseball team, activated about 707,000 smartphones, up from 609,000 last year, and 36 percent of the new devices were for new wireless customers.
The percentage of postpaid subscribers using smartphones rose to 65 percent by the end of the quarter, up from 52 percent a year earlier, and wireless data revenue jumped 18 percent.
Net income fell to C$466 million ($470 million) in the quarter ended September 30, or 90 Canadian cents a share, from C$491 million, or 87 Canadian cents, a year earlier.
Excluding restructuring costs and other items, earnings rose to C$495 million, or 96 Canadian cents a share, from C$489 million, or 90 Canadian cents, a year earlier. Operating revenue rose 1.4 percent to C$3.18 billion.
Analysts, on average, had been expecting earnings of 88 Canadian cents a share on revenue of C$3.16 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Allison Martell in Toronto; Additional reporting by Maneesha Tiwari in Bangalore; Editing by Supriya Kurane and Frank McGurty)
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