Quebecor first-quarter profit halves

Wed May 8, 2013 6:18am EDT
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May 8 (Reuters) - Canadian media and telecommunications conglomerate Quebecor Inc reported a 50 percent drop in first-quarter profit, hurt by higher costs and an increase in amortization charges.

Net income attributable to shareholders fell to C$35.6 million, or 49 Canadian cents per share, from C$71.4 million, or C$1.12 per share, a year earlier.

The company said net profit was hit by C$74.2 million in unfavourable variance in the valuation of financial instruments.

Revenue fell 1 percent to C$1.05 billion.