Quebecor says its Videotron telecommunications business had a solid third quarter that largely offset soft results at its media business.
The Montreal-based company had a $45.1 million net profit in the third quarter and $65.6 million of adjusted earnings from continuing operations, both improved over the comparable results a year earlier.
In the third quarter of 2013, Quebecor had a $188.8-million net loss largely because of fluctuations in the value of its intangible and financial assets, and $63.1 million of adjusted earnings.
The quarter covered the three months ended Sept. 30, before the Montreal-based telecommunications and media company announced plans to sell Sun Media’s 175 English-language newspapers and publications to Postmedia for $316 million cash.
Overall revenue was essentially flat, slipping two-tenths of a percentage point to $1.02 billion.
Quebecor’s telecommunications segment increased its revenue by 3.3% or $23.5 million, but that was offset by a $19.9 million decline at its media segment and a 3.6 million decline at the sports and entertainment segment.
