Quebec telecoms giant Quebecor on Thursday announced a solid 25.4% increase in revenue to $1.4 billion in the second quarter of 2023, boosting the conglomerate’s profits.
For the quarter ended June 30, Quebecor reported net income attributable to shareholders of $174.1 million, or $0.75 per share, up 10.6%, while adjusting for earnings related to operations increased 12.7% to $182.3 million.
This performance can be attributed to the results of the telecom sector, which is on the up with an increase in its revenue of $288.6 million (31.6%) and its EBITDA of $120.1 million (24.6%). . adjusted compared to the same period of 2022.
“The acquisition of Freedom in April 2023 has truly positioned Quebecor as the fourth largest national mobile operator in Canada,” said Pierre Karl Péladeau, Quebecor’s President and CEO.
While the telecoms sector performed around the Freedom Mobile acquisition, the media sector saw mixed results with TVA Group revenue down $8.7 million (-5.9%) and negative Adjusted EBITDA of $3.8 million U.S. dollar.
“The implementation of the restructuring plan announced on February 16, 2023 has not yet resulted in sufficient savings to counteract the significant impact of a declining advertising market,” lamented Mr. Péladeau.