Quebecor profits up for Q3
EmptyTORONTO -- Quebec TV giant Quebecor Media Inc. on Tuesday swung to a third-quarter profit on higher digital cable TV, high-speed Internet access and Internet-based phone subscriber revenues.
Montreal-based Quebecor Media Inc. reported third-quarter earnings of CAN$46.6 million ($41.5 million) for the three months ending Sept. 30, against a loss of CAN$10.1 million in 2005.
Revenues for the third quarter climbed to CAN$721.4 million ($643.7 million), against a year earlier CAN$651 million, as cable revenues climbed sharply to CAN$330.7 million ($295.5 million) during the latest quarter, against CAN$270 million in 2005.
At the same time, Quebecor Media posted a loss of CAN$72.6 million ($64.8 million) for the first nine months of 2006, against earnings of CAN$38.1 million in the same period of 2005, due to a CAN$110.7 million ($98.2 million) loss on debt refinancing.
Quebecor Media owns and operates Quebec cable giant Groupe Videotron Ltd., the Sun Media newspaper chain, TVA Group Inc., Quebec's largest French-language conventional TV network as well as Internet assets.