Quebecor Inc. reports lower Q2 profit
But sees quarterly revenue rise 5% to $954 millionTORONTO -- Higher expenses led Quebec broadcaster and cable operator Quebecor Inc. to a lower second quarter profit Wednesday.
Montreal-based Quebecor, which runs the Quebec cable giant Videotron, posted earnings of CAN$65.5 million ($62.8 million) to June 30, down from a profit of $76.8 million in 2009.
The media group, which also operates the TVA Group TV network and the Sun Media chain of newspapers, saw quarterly revenue rise 5% to CAN$994 million ($954 million).
But Quebecor also faced increased income taxes and a $16.7 million ($16 million) charge for losses with financial instruments.
During the latest quarter, Quebecor unveiled plans to launch Sun TV News, an English-language 24/7 conservative news channel modeled on Fox News in the U.S. market.