Rogers Communications adjusted profit rises 30 percent, ups dividend
(Reuters) - Rogers Communications Inc (RCIb.TO: Quote), Canada's largest wireless company, posted a 30 percent rise in adjusted quarterly profit, helped by cost improvements and revenue growth in all its segments, and increased its annualized dividend.
Separately, Rogers said that Chief Executive Nadir Mohamed has decided to retire in January 2014. Mohamed will work with the board to ensure an orderly transition and continue to lead the company in 2013, the company said.
The Toronto-based company, which also owns television stations, magazines and sports teams, said adjusted net income was C$455 million ($454.52 million), or 88 Canadian cents a share, on operating revenue of C$3.3 billion in the three months that ended in December.
Net income from continuing operations rose 62 percent to C$529 million, or C$1.02 per share, compared with C$327 million, or 61 Canadian cents per share, in the year-ago period.
Analysts on average expected Rogers to earn 72 Canadian cents a share on revenue of C$3.19 billion, according to Thomson Reuters I/B/E/S.
The company said it added 58,000 net postpaid subscribers, a closely watched metric given those customers often sign multiyear contracts and typically pay more each month than prepaid subscribers.
That was less than the 143,834 additions reported by rival BCE Inc (BCE.TO: Quote), which operates under the Bell brand, last week.
The wireless unit typically accounts for more than 60 percent of Rogers' sales and profit, while cable contributes about a quarter.
Rogers also increased its annualized dividend by 10 percent to $1.74 and authorized repurchases of up to C$500 million of the company's stock.
($1 = 1.0011 Canadian dollars)
(Reporting by Alastair Sharp and Sakthi Prasad; Editing by Chris Gallagher)
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