(Reuters) - Quebecor Inc’s (QBRa.TO) third-quarter profit fell 69 percent, hurt mainly by a charge related to its move toward a new accounting method and higher costs.
For the third quarter, the Montreal-based newspaper publisher and communications company posted a net income of C$26.1 million, or 41 Canadian cents a share, compared with C$83 million, or C$1.29 s share, a year ago.
The company’s adjusted income from continuing operations was 63 Canadian cents a share.
Revenue rose 5 percent to C$1.01 billion.
Quebecor took a non-cash charge of C$48.4 million as it moved toward the International Financial Reporting Standards.
Higher subscriber acquisition costs for its new 4G network and an increase in the amortization charge for 4G network equipment and licenses reduced net income by C$14.9 million, the company said.
Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel