MONTREAL — Quebecor Inc. reported its first-quarter profit was up compared with a year ago, helped by strength in its telecommunications business.
The company says its net income attributable to shareholders totalled $173.2 million or 75 cents per share for the quarter ended March 31, up from a profit of $120.9 million or 52 cents per share a year earlier.
Revenue totalled $1.36 billion for the quarter, up from $1.12 billion in the first quarter of 2023, boosted by the acquisition of Freedom Mobile in April 2023.
Quebecor says its adjusted income from operating activities amounted to 71 cents per share in its latest quarter, up from 59 cents per share in the same quarter last year.
The company also announced the appointment of Sylvie Lalande as its new board chair.
Lalande, a member of the board since 2011 and vice-chair and lead director since 2018, fills the vacancy left by the death of former prime minister Brian Mulroney.
Quebecor reported its mobile phone average revenue per user was $35.94 in the first quarter, down $2.97, or 7.6 per cent, from the first quarter of the prior year, mainly due to a change in the customer mix, including the dilutive impact of Freedom Mobile’s prepaid services.
The company added 60,200 mobile phone subscriptions during the three-month period, compared with an increase of 26,200 in the same period of 2023.
"One year after the successful acquisition of Freedom, it is with immense pride that we mark this milestone in the history of Quebecor, which has established itself as Canada's fourth major national wireless carrier," said chief executive Pierre Karl Péladeau in a press release.
"By offering Canadians the best wireless products, services and prices, we have transformed Canada's telecommunications industry."
This report by The Canadian Press was first published May 9, 2024.
Companies in this story: (TSX:QBR.B)
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