Quebecor posts Q4 loss
EmptyTORONTO -- Despite higher revenues, Quebec media giant Quebecor Media Inc. on Tuesday posted a fourth quarter loss after taking CAN$179.2 million ($154.3 million) in non-cash charges for goodwill and a broadcast license impairment.
Montreal-based Quebecor Media said it lost CAN$97.1 million ($83.5 million) during the three months to Dec. 31, compared with a profit of CAN$58.4 million in 2005.
Fourth-quarter revenues came to CAN$847.8 million ($730 million), against a year-earlier CAN$756.2 million, helped by cable revenues at its Groupe Videotron Ltd. division rising sharply to CAN$362.9 million ($313 million), against CAN$299.1 million in 2005.
For full-year 2006, Quebecor Media recorded a loss of CAN$169.7 million ($146.5 million), against earnings of CAN$96.5 million in 2005, owing in part to a CAN$342.6 million ($295 million) loss on debt refinancing in 2006, compared with a CAN$60.0 million loss in 2005.
Quebecor Media's full-year revenues increased CAN$308.0 million ($265.5 million) to CAN$3.01 billion ($2.6 billion).
Quebecor Media is in transition from a cable, publishing and broadcast company to one geared to the emerging multiplatform digital age.