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May 12, 2022

Quebecor reports first-quarter profit edged higher form year ago

Quebecor a natural buyer for Freedom Mobile: Morningstar's Dolgin

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Quebecor Inc. reported its first-quarter profit edged higher compared with a year ago.

The company said its net income attributable to shareholders totalled $121.4 million or 51 cents per share for the quarter ended March 31 compared with a profit of $121.3 million or 49 cents per share a year earlier.

Revenue for the quarter totalled $1.088 billion, down from $1.091 billion in the first three months of 2021.

Quebecor said its adjusted income from continuing operations amounted to 54 cents per share, up from 52 cents per share in the same quarter last year.

Quebecor CEO Pierre Karl Péladeau said the company is positioned favourably after the Competition Bureau said this week that it opposes the Rogers Communications Inc. deal to buy Shaw Communications Inc.

Quebecor has expressed an interest in buying Shaw's Freedom Mobile business that regulators are expected to require to be sold as a condition of approval for the proposed deal.