Net profit attributable to Quebecor shareholders increased in the third quarter of 2023 compared to the same quarter last year, despite the decline in profits on the part of TVA Group.
Thus, it reached $209.3 million ($0.91 per basic share) in the third quarter of 2023, compared to $178.4 million ($0.76 per basic share) in the same period in 2022 This represents an increase of 17.3% or $30.9 million ($0.15 per share). basic share).
Also in the third quarter of its fiscal year, Quebecor recorded sales of $1.42 billion: a “remarkable” increase of $271.7 million (23.8%) compared to the same period last year, noted Pierre Karl Péladeau, president and CEO of Quebecor.
The telecommunications giant also reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $624.4 million, an increase of $106.4 million (20.5%) related to the acquisition of Freedom Mobile Inc. corresponds.
“As we have truly established our presence as the fourth largest national mobile operator in Canada, we have succeeded in delivering the real change we promised in the Canadian market,” said Pierre Karl Péladeau.
On the TVA Group side, however, Quebecor reported a decline in revenue of $11.9 million (-9.1%) and an adjusted EBITDA of $1.7 million (-9.4%) compared to the third quarter 2022.
“Advertising revenues are continuing their free fall of recent years […] This is not a one-off situation, but an important trend that is profoundly changing the structure of the broadcast industry,” he lamented, adding, however, that “there is no question that TVA Group is disappearing from Quebec’s media and television landscape.”
In this regard, on November 2, the company announced the layoffs of 31% of TVA Group’s workforce, or 547 employees, as part of an organizational restructuring.