August 6, 2009 / 11:21 AM / 9 years ago

UPDATE 1-Quebecor Inc Q2 profit rises

* Q2 EPS C$1.19/shr vs C$0.90/shr year ago

* Revenue down $2.9 million from year ago

* Helped by telecommunications segment

Aug 6 (Reuters) - Media and communications group Quebecor Inc (QBRa.TO) (QBRb.TO) reported a higher quarterly profit on Thursday, saying results were driven by its telecommunications segment, which experienced customer growth.

Quebecor, which controls the Videotron cable company and the Sun Media chain of newspapers, said it earned C$76.8 million ($71.7 million), or C$1.19 a share, in the three months ended June 30. That was up from a profit of C$57.5 million, or 90 Canadian cents per share, a year earlier.

Revenue slipped to C$939.4 million, the company said.

The company said a restructuring program and other cost-cutting initiatives in its News Media segment launched in late 2008 had generated estimated savings of C$25 million in the first half of 2009.

The company said the moves are expected to yield still greater savings in the second half of the year.

Montreal-based Quebecor said last year it would spend up to C$1 billion to roll out a wireless network to compete with the country’s Big Three mobile phone service providers, BCE Inc (BCE.TO), Telus Corp (T.TO) and Rogers Communications (RCIb.TO).

The company’s A shares closed at C$20.05 on the Toronto Stock Exchange on Wednesday, while its B shares closed at C$19.72. ($1=1.071 Canadian Dollar) (Reporting by Wojtek Dabrowski; Editing by Mike Miller)

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