Quebecor Inc. saw its third-quarter profit jump by 52% as customer growth boosted the media company’s revenues.
The Montreal-based publisher, cable TV and phone service provider reported net income of $69.4 million or $1.08 per share for the quarter ended Sept. 30, up from $45.7 million or 71 cents per share a year ago.
Quarterly revenues totalled $918.4 million, up from $908.1 million last year largely due to customer growth.
The figures beat analyst estimates which had pegged revenue for the quarter at $910 million, according to Thomson Reuters.
“Quebecor’s results tended strongly upward in the third quarter of 2009,” said Pierre Karl Peladeau, Quebecor’s president and chief executive officer.
Quebecor said the increase in its net income was due to a combination of factors which included a $23.6 million increase in operating income, and a $8.1 million decrease in financial expenses.
These figures were however partially offset by increases in non-controlling interest, amortization charges and income tax expenses.
Quebecor said its Videotron subsidiary, which provides cable television, video on demand, wireless communication and Internet access services, posted a significant increase in operating income.
Peladeau said the increase in operating income reflected customer growth for all its services.
Quebecor said revenue in its telecommunications sector grew by 11.2% mainly due to customer growth.
Sales dipped in the News Media division due to lower advertising revenues, but the company said cost-cutting efforts had helped keep the section steady.
