Quebecor earnings jump in second quarter
Increased subscriber figures boost revenueTORONTO -- Quebec media giant Quebecor posted higher second-quarter earnings Tuesday on the back of increased subscriber growth and rate increases.
Montreal-based Quebecor saw earnings for the three months ending June 30 jump to CAN$57.3 million ($55.8 million), compared with a profit of CAN$43.2 million in 2007, on revenue of CAN$942.3 million($919 million), up 16% from a year-earlier CAN$815.3 million.
The year-ago performance included a CAN$6.7 million ($6.5 million) loss at Quebecor World, the embattled printing division that is no longer accounted for in Quebecor's consolidated results after the business was placed into bankruptcy protection.
Videotron Ltd., Quebec's largest cable operator, saw revenue rise 20% to CAN$447.5 million ($436.5 million), as Quebecor added 51,300 cable TV customers and 23,600 high-speed Internet access customers during the second quarter.
The cable division's operating income was CAN$182.2 million ($177.7 million), compared with $145.7 million in 2007.
Quebecor newspaper titles saw revenue jump 27% to CAN$307.5 million ($300 million) after the acquisition of Osprey Media titles.