Shaw Communications saw its overall fourth-quarter profit fall by 32%, as losses from its aborted wireless strategy offset gains elsewhere.
The cable, internet and satellite TV provider reported $82.5 million in net income, or 18 cents per share, down from $121.6 million or 28 cents per share last year.
The decline for the three months ended Aug. 31 was due to an $83.7-million loss or 19 cents per share at Shaw’s discontinued operations.
During the quarter, Shaw decided to retreat from its push into the cellphone business and write down the value of related assets.
Shaw’s revenue was $1.18 billion, up from nearly $938.9 million a year earlier.
Its net income from continuing operation increased to $166.2 million or 37 cents per share from $122.6 million or 28 cents per share.
