The first quarter profit of Canadian media and telecommunications giant, Quebecor Inc., has practically halved as a result of higher costs, showing a steep decline in its media revenue along with lower gains on financial instruments. On an adjusted basis, the company earned 53 cents per share, i.e. much less than the analyst’s expectation of 62 cents, whereas the net income attributable to shareholders decreased down to $35.6 million, or 49 cents per share, in comparison to last year’s $71.4 million, or $1.12 per share.
At the same time, the gains on valuation of financial instruments also decreased down to $7.7 million over the first quarter in comparison to last year’s $81.9 million. The giant newspaper chain operator includes Calgary Sun, Toronto Sun and many others, reported its revenue to have fallen down to 1% from $1.05 billion, showing a staunch decrease in all its businesses with only exception of the telecommunications unit.
The revenue collected from the telecommunications business, which constitutes of almost half of Quebecor’s total, increased by 4% up to $668.8 million, due to an overall increase in the number of higher wireless subscriptions. On the other hand, the news media revenue fell 11% to $207.6 million. The chairman of Quebecor Media Inc, i.e. a subsidiary of Quebecor, Pierre Karl Peladeau, stated that “unfortunately, in the news media segment, the latest cost-containment initiatives did not make up for the decrease in revenues during the quarter, which was more significant than in previous periods.”
this is NOT a Canadian company ! this is a FROG company ! big difference !!!! the soon quackbec gets the hell out of MY country, the better ! A S A P ! ! ! ! ! ! ! ! ! ! !
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