ECB: net profit down in the third quarter

BCE: net profit down in the third quarter

UPDATE DAY

Telecommunications giant Bell Canada reported lower net income in the third quarter of its fiscal year 2022 compared to the same quarter last year. 

The parent company of Bell reported net income attributable to common shareholders of $715 million this quarter, or $0.78 per common share, a decline of 6%. In the third quarter of 2021, net income attributable to common shareholders was $757 million, or $0.83 per common share.

Consolidated revenue growth of 3.2% was also recorded this quarter. The company also faced cost pressures from storms and inflation.

“The devastation caused by Hurricane Fiona underscored the role our networks play in the everyday life of Canadians. The Bell team has worked tirelessly under difficult conditions to restore service to those affected, and this work is continuing,” Mirko Bibic, president and chief executive officer of BCE and Bell Canada, said in a press release on Thursday.

However, the company saw a 36.3% increase in subscribers, the highest in 17 years.

“While the damage to our infrastructure is unprecedented , this situation confirmed that our accelerated capital expenditure program to build and expand reliable fiber optic and wireless networks throughout our coverage area remains the right approach for our customers,” Mr. Bibic added.