October 25, 2018 / 12:50 PM / in a month

Shaw Communications profit beats on wireless subscriber growth

The Shaw logo is pictured on their Barlow Trail building, home to the annual Shaw AGM, in Calgary, Alberta January 14, 2014. REUTERS/Todd Korol

(Reuters) - Canada’s Shaw Communications Inc’s (SJRb.TO) quarterly profit on Thursday topped analysts’ estimates as the telecom services provider added more customers to its wireless offerings.

The Calgary-based telecom services provider said its net additions for wireless subscribers more than doubled to 85,000 in the fourth quarter.

Shaw Communications has been investing heavily to develop its next generation 5G network in a highly competitive market to lure more subscribers to its fold. In May, the telecom company, which has a collaboration with Nokia, has completed 5G trials in Calgary.

The company's net income fell to C$200 million ($153.29 million), or 39 Canadian cents per share, in the quarter ended Aug.31, from C$481 million, or 96 Canadian cents a share, a year earlier. (bit.ly/2RevOAd)

Shaw Communications said it had an additional C$16 million restructuring charge in the quarter.

Revenue rose to C$1.34 billion from C$1.24 billion.

Excluding items, Shaw Communications earned 42 Canadian cents per share, against average analysts’ estimate of 36 Canadian cents per share on a revenue of C$1.35 billion, according to data from Refinitiv.

($1 = 1.3047 Canadian dollars)

Reporting by Laharee Chatterjee in Bengaluru; Editing by James Emmanuel

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