November 7, 2008 / 12:44 PM / 9 years ago

UPDATE 1-Quebecor swings to Q3 profit on cable growth

* Quebecor swings to Q3 profit * Revenue up 9 pct * To club Sun Media, Canoe operations under one manager

Nov 7 (Reuters) - Publishing and media group Quebecor Inc (QBRa.TO)(QBRb.TO) swung to a quarterly profit, helped by customer growth at its cable segment, but said results at its Sun Media newspaper chain had been disappointing.

The company said it would consequently club operations of the national tabloid and community newspapers chain and Canoe Network, a collection of Internet sites, under one manager.

For the third quarter, the company posted a profit of C$45.6 million ($38.1 million), or 70 Canadian cents a share, compared with a loss of C$35.2 million ($29.4 million), or 55 Canadian cents a share, a year earlier.

Excluding certain items, Quebecor reported quarterly earnings of 65 Canadian cents a share. Revenue rose 9 percent to C$908.1 million.

The company’s 55 percent-owned Quebecor Media unit will invest between $800 million to $1 billion in its cable segment over the next four years to build its own advanced wireless services network, Chief Executive Pierre Karl Peladeau said in a statement.

Shares of the Montreal-based company closed at C$21.07 Thursday on the Toronto Stock Exchange.

For the press release, please click. [ID:nCCNDgCwBa] For the alerts, please click. [ID:nWNAB0047]

$1=1.198 Canadian Dollar Reporting by Shradhha Sharma in Bangalore; Editing by Anil D'Silva

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