Quebecor adjusted profit rises as telecom business grows
(Reuters) - Canadian media and telecommunications conglomerate Quebecor Inc (QBRa.TO: Quote) (QBRb.TO: Quote) reported a 15 percent rise in quarterly profit, mainly due to growth at its telecommunications business, but total revenue rose less than 1 percent.
The company's media business continued to be a drag, with revenue declining 10 percent in the second quarter.
Quebecor's Sun Media Corp, Canada's largest newspaper publisher, cut 360 jobs last month and said it was closing 11 newspapers to cut costs amid falling advertisement revenue.
Sun Media cut about 8 percent of its 4,000 odd workforce, the second job cut in less than a year.
Quebecor's net loss attributable to shareholders was C$45.1 million, or 73 Canadian cents per share, in the quarter ended June compared with a net profit of C$65.5 million, or C$1.02 per share, a year earlier.
Adjusted income from continuing operations rose to C$52.9 million, or 85 Canadian cents per share. The loss from continuing operations was C$1.19 per share.
Total revenue rose 0.8 percent to C$1.09 billion ($1.05 billion).
Revenue in the telecom business increased 5 percent to C$678 million. The business includes phone, cable-TV and internet services offered under the Videotron brand.
Quebecor, which started in 1950 with a small neighborhood newspaper, operates Canada's largest newspaper chain includes the Toronto Sun and the Calgary Sun. Continued...