(Reuters) - Media conglomerate Quebecor Inc’s (QBRa.TO) fourth-quarter profit rose 83 percent, helped in part by strength in its telecommunications business and a gain on valuation.
Revenue from the Montreal-based company’s telecommunications segment rose about 7 percent to C$634.8 million. Total revenue rose 5.5 percent to C$1.15 billion.
Net income attributable to Quebecor shareholders rose to C$85.4 million, or C$1.34 per basic share, from C$46.6 million, or 72 Canadian cents per basic share, a year ago.
The company’s adjusted income from continuing operations fell to 87 Canadian cents per basic share from 90 Canadian cents per basic share a year ago.
Quebecor’s closely watched cable and wireless unit Videotron reported solid fourth-quarter revenue growth in February, despite disappointing growth in its mobile-phone business launched in late 2010.
The company’s Sun Media arm said on Wednesday that it was expanding its regional reach with the launch of community newspapers in the capital, Ottawa, and Ontario’s Windsor, Kitchener-Waterloo and Guelph by the end of March.
Shares of the company closed at C$36 on Tuesday on the Toronto Stock Exchange.
Reporting by Alastair Sharp in Toronto and Shounak Dasgupta in Bangalore; Editing by Don Sebastian