Quebecor Inc. saw profits more than double in the first quarter as the media giant enjoyed a big gain on financial instruments and higher operating income.
Montreal-based Quebecor said net income attributable to shareholders rose to $72.9 million or $1.15 per share, from $34.3 million or $0.53 per share in the year-earlier period.
Revenue rose 7.4% to $1.06 billion from $990.5 million, while operating revenue was almost $28 million higher at $322.2 million compared with $294.3 million in the 2011 period.
Adjusted income from continuing operations was $39.3 million or 62 cents per basic share, compared with $35.9 million or 56 cents a year ago.
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Quebecor said the improvement in net income was mainly due to a $71.4-million gain on valuation and translation of financial instruments, a $27.9-million increase in operating income and $8.4 million in gains on restructuring charges and other special items.
That was partially offset by a $20.5-million increase in amortization charge and a $14.5-million goodwill impairment charge.
“Quebecor’s revenues and operating income increased 7.4% and 9.5%, respectively, in the first quarter of 2012, once again reflecting the telecommunications segment’s sustained performance,” said president and CEO Pierre Karl Peladeau.
Quebecor Inc. is a holding company with a 54.7% interest in Quebecor Media Inc., one of Canada’s largest media groups, with more than 16,000 employees.
Quebecor Media Inc., through its subsidiary Videotron Ltd., is an integrated communications company engaged in cable television, interactive multimedia development, Internet access services, cable telephony service, and mobile telephony service.
Through Sun Media Corp., Quebecor Media Inc. is the largest publisher of newspapers in Canada and also operates Canoe.ca and its network of English- and French-language Internet properties in Canada.
It also operates TVA Group Inc., the Montreal-based television and magazine company, which earlier this week posted a loss on its first fiscal quarter.
