Revenue, earnings jump for Rogers
EmptyTORONTO -- Canadian cable giant and wireless phone provider Rogers Communications on Tuesday posted sharply higher first-quarter earnings on double-digit revenue growth.
Toronto-based Rogers saw earnings for the three months ending March 31 surge to CAN$170 million ($141.6 million), against a profit of CAN$13 million in 2006, as revenue rose 15.8% to CAN$2.29 billion ($2.05 billion), compared with a year-earlier CAN$1.98 billion.
Rogers, Canada's largest cable player, added 69,600 new digital cable subscribers to take its customer base to 1.2 million, while another 42,100 high-speed Internet access customers were added, taking that category to 1.33 million.
But the biggest gain came on the wireless phone side, where Rogers saw revenue rise 22.5% to CAN$1.23 billion ($1.09 billion), against a year-earlier CAN$1.01 billion.
In addition to its wireless phone and cable divisions, Rogers also operates a slew of national magazines, local radio and TV stations and the Toronto Blue Jays professional baseball club.
In its latest deal, Rogers earlier this month said it will buy 10 terrestial and cable channels from rival CTVglobemedia for CAN$138 million ($123.2 million).