Quebecor increases its net profit in the third quarter

Quebecor increases its net income in the third quarter

UPDATE DAY

Quebecor announced Thursday that it posted net income attributable to shareholders of $178.4 million, or $0.76 per share, during the third quarter. This is an increase of $5.3 million compared to the same period of 2021.

During this same period, the Quebec telecommunications giant's revenues fell by 4 $.5 million to $1.14 billion, while Quebecor's operating cash flow grew 10.2% to $403.1 million.

C' is the telecommunications sector that performed better with revenues of $942.2 million, up from the result of $939.5 million a year earlier.

Revenues of the Videotron subsidiary increased by 12.1% to reach $30.7 million for mobile services and equipment. The acquisition of VMedia by Videotron has somewhat boosted the equipment manufacturer's revenues for its internet access activities with revenues of $13.6 million, up 4.5%.

For its part , the TVA Group experienced a $20.2 million drop in revenues during the same period.

“In the third quarter of 2022, Quebecor once again demonstrated the rigor of its management of its operations and its great financial discipline,” said Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor.

“We are really doing everything we can to become the fourth largest provider of wireless and Internet services across Canada, allowing Canadian consumers to benefit from better prices and a robust and reliable network, powered by our 5G technology,” he added.