Mobile growth drives big Rogers Q2
Earnings of $294.5 mil reportedTORONTO -- Subscriber growth at Rogers Communications' wireless phone division helped Canada's biggest mobile phone and cable TV provider turn a second-quarter profit, the company reported Tuesday.
Toronto-based Rogers posted earnings of CAN$301 million ($294.5 million) for the three months ending June 30, compared with a loss of CAN$56 million in 2007, when it took a CAN$452 million charge for stock option changes.
Revenue rose 12% to CAN$2.8 billion ($2.74 billion), against a year-earlier CAN$2.52 billion. Wireless phone revenue was CAN$1.52 billion ($1.49 billion), compared with CAN$1.36 billion in 2007 on higher demand for mobile data, while cable operation revenue rose 11% to CAN$718 million ($702.4 million).
Rogers, which recently acquired five Citytv over-the-air TV stations from rival CTVglobemedia, saw its radio and TV broadcast business post an 18% gain in revenue to CAN$409 million ($400 million), compared with CAN$348 million the previous year.
During the latest quarter, Rogers added 13,000 cable high-speed Internet subscribers to get to a 1.5 million base and currently has 1.4 million digital cable subscribers on its books.