Quebecor Q2 profit jumps to $132.4 million, boosted by spectrum sale to Shaw

Quebecor Q2 profit jumps to $132.4 million, boosted by spectrum sale to Shaw

MONTREAL — Quebecor Inc. (TSX:QBR.B) says an $87.8 million gain from the sale of wireless licences outside its home province helped boost the telecommunication and media company’s second-quarter profit to $132.4 million.

Net income was $1.09 per basic share, up from eight cents per share, or $9.8 million in the comparable period of 2016.

The sale of spectrum licences to Shaw Communications (TSX:SJR.B) was part of the Calgary-based company’s plans to strengthen the Freedom Mobile network as Canada’s fourth-largest wireless carrier.

At one time, Quebecor’s Videotron wireless service was considered a potential national player, but the Montreal-based company has opted to concentrate most of its business on Quebec and eastern Ontario.

Quebecor’s adjusted income from continuing operations during the quarter was $83.2 million or 69 cents per share, up from $69.9 million or 57 cents per share in the 2016 second quarter.

Revenue was $1.03 billion, up $39.6 million or four per cent, mostly because of gains in the telecom segment.

Revenue from media was up $1.8 million and the sports and entertainment segment’s revenue fell by $2.7 million.

Categories: Business
Tags: Quebecor, Shaw

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