January 25, 2018 / 12:14 PM / 4 months ago

Rogers Communications profit beats on higher wireless margins

(Reuters) - Rogers Communications Inc (RCIb.TO), Canada’s largest wireless provider by market share, reported a quarterly profit on Thursday that narrowly beat estimates on higher margins from its wireless subscribers.

FILE PHOTO: A woman walks past a Rogers sign on the day of the Rogers Communications Inc. annual general meeting for shareholders in Toronto, April 21, 2015. REUTERS/Mark Blinch/File Photo

An average Rogers wireless customer paid C$63.46 a month for service, up from C$60.72 a year ago.

Postpaid customers, who typically spend much more than those who prepay, paid C$6.64 extra during the quarter from a year earlier.

Net income was C$419 million ($340 million) in the last three months of 2017, compared with a loss of C$9 million a year earlier, when it took a C$484 million impairment charge after scrapping development of its own internet-based television product in favor of a Comcast product.

On an adjusted basis, the Toronto-based company earned 88 Canadian cents per share. Analysts had on average expected earnings of 86 Canadian cents, according to Thomson Reuters I/B/E/S.

Revenue rose 3.5 percent to C$3.63 billion.

($1 = 1.2318 Canadian dollars)

    Reporting by Alastair Sharp in Toronto and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and Martina D'Couto

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