Company News

UPDATE 1-Rogers Communications profit beats on wireless, cable strength

(Adds details on cable and wireless businesses, compares with estimates)

Oct 19 (Reuters) - Rogers Communications Inc reported a better-than-expected quarterly profit on Friday as the Canadian telecom company benefited from strong growth in its wireless and cable businesses.

Revenue from the wireless business rose 5.8 pct to C$2.33 billion ($1.79 billion), while revenue from its cable business edged up nearly 1 percent to C$983 million.

The company has been investing heavily to develop its 5G wireless network through acquisitions across the country. It has partnered with telecom equipment maker Ericsson for 5G network trials.

Canada’s largest wireless provider said it added 124,000 postpaid wireless subscribers on a net basis in third quarter.

The Toronto-based company's net income rose 17 percent to C$594 million, or C$1.15 per share, in the third quarter ended Sept. 30. [ ]

Excluding one-time items, Rogers earned C$1.21 per share, ahead of analysts’ average estimate of C$1.17, according to data from Refinitiv.

Revenue rose to C$3.77 billion from C$3.65 billion. ($1 = 1.3036 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by James Emmanuel)