February 25, 2009 / 12:58 PM / 9 years ago

UPDATE 2-Quebecor narrows loss as cable helps results

* Q4 loss C$5.34/shr vs loss C$14.96/shr

* Adjusted basic EPS C$0.95 vs C$0.58

* Revenue rises 4 pct to C$1.0 bln (Adds analyst comments, stock price, details)

TORONTO, Feb 25 (Reuters) - Printing, media and telecom group Quebecor Inc (QBRa.TO)(QBRb.TO) posted a narrower quarterly loss on Wednesday, helped by strong results at its cable unit and in the absence of a loss from discontinued operations.

Quebecor, which controls the Videotron cable company and the Sun Media chain of newspapers, reported a loss of C$343.7 million ($276.5 million), or C$5.34 a basic share, for the fourth quarter. That compared with a loss of C$962.6 million, or C$14.96 a basic share, in the year earlier quarter.

The Montreal-baseed company had a C$1.1 billion loss from discontinued operations in the year-ago period.

Quebecor’s shares rose 58 Canadian cents, or 3.5 percent, to C$17.09 on the Toronto Stock Exchange.

The latest quarterly results included a C$671.2 million non-cash charge on impairment of goodwill and mastheads, primarily in its newspapers segment, “due to industry challenges and the difficult economic environment,” it said.

In December, Quebecor announced it would cut 10 percent of staff at its newspapers.

Excluding items, Quebecor posted adjusted income from continuing operations of C$60.7 million, or 95 Canadian cents a basic share, up from C$37.5 million, or 58 Canadian cents per basic share.

Revenue rose 3.9 percent to C$1.00 billion, as customer growth for all services in its cable segment boosted sales.

Analysts on average had expected the company to earn 66 Canadian cents a share before one-time items, on revenue of C$997.01 million, according to Reuters Estimates.

Quebecor’s class B shares were up 45 Canadian cents, or 2.7 percent, at C$16.96 on the Toronto Stock Exchange.

$1=$1.26 Canadian Reporting by R. Manikandan in Bangalore and Wojtek Dabrowski in Toronto; editing by Rob Wilson

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