BCE Inc. says profits were up nearly 53% in the fourth quarter as it benefited from earnings of national television broadcaster CTV.
Canada’s largest telecom company reported earnings of $486 million, or 62 cents per share, up from $318 million, or 42 cents per share, in the same quarter a year earlier.
On an adjusted basis, earnings rose 5.1% to 62 cents per share, falling short of analyst expectations by four cents a share, according to a poll by Thomson Reuters.
Revenues increased 10.4% to $5.17 billion, from $4.68 billion a year earlier, but missing analyst predictions of $5.2 billion.
At Bell Canada, the company’s main subsidiary, operating revenues increased 12.6% to $4.58 billion, from $4.07 billion, as the results from the purchase of CTV boosted the company’s new Bell Media unit where revenues were $578 million.
Bell’s “broadband networks, products and content are delivering strong revenue and EBITDA increases, led by growth at Bell Wireless and Bell Media and fast-accelerating Bell Fibe TV additions,” said president and CEO George Cope, in a release.
Last year, BCE was given regulatory approval to purchase the rest of the CTV assets that it didn’t already own.
Aside from wireless and landline telephone services, broadband internet and satellite TV, it also owns a stable of media properties including the CTV television network. BCE is also using the content from the CTV network on its mobile phones.
