(Reuters) - Media and communications group Quebecor Inc (QBRa.TO) (QBRb.TO) reported a quarterly profit on Wednesday, helped by strong performance of its telecommunications segment that continued to see customer growth.
Quebecor, which controls the Videotron cable company and the Sun Media chain of newspapers, said it earned C$73.8 million, or C$1.12 per share, for the fourth quarter, compared with a loss of C$343.6 million, or C$5.34 a share, a year ago.
During the fourth quarter of 2008, the company had recognized a non-cash charge of C$671.2 million.
Revenue at the Montreal, Quebec-based company increased 2.4 percent to C$1.03 billion.
“Despite the economic crisis, which has hit the media industry hard, Quebecor’s diversified business model proved to be a robust driver of growth. Our restructuring programs in the News Media segment also bore fruit,” the company said in a statement.
The company’s A shares closed at C$32.45 Tuesday on the Toronto Stock Exchange.
Reporting by Ashutosh Joshi in Bangalore; Editing by Ratul Ray Chaudhuri