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Quebecor third-quarter profit rises 23 per cent to $173.1M on higher revenues

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MONTREAL — Quebecor Inc. says its net profits grew 23 per cent in its latest quarter on higher revenues.

The Quebec-based telecommunications company says its net income attributable to shareholders was $173.1 million or 71 cents per share in the quarter, up from $140.9 million or 56 cents per share a year earlier.

Excluding one-time items, adjusted earnings from continuing operations were $176.1 million or 73 cents per diluted share, up from $173.1 million or 69 cents per share in the third quarter of 2020.

Revenues for the three months ended Sept. 30 were $1.15 billion, up 3.3 per cent from $1.11 billion in the prior year quarter.

Quebecor was expected to report 71 cents per share in adjusted profits on $1.13 billion of revenues, according to financial data firm Refinitiv.

Videotron Ltd. revenues increased 5.6 per cent and mobile telephony grew eight per cent in the quarter as there were 25,600 more revenue-generating units in the quarter, including 40,900 connections to the mobile telephony service and 22,500 subscriptions to internet access services.

"The continuing reopening of the economy is enabling us to stay on track toward our growth and profitability targets. In addition, our strong financial performance positions us very advantageously to capitalize on our many operational and technological advances and on our potential for cross-Canada expansion," stated CEO Pierre Karl Péladeau.

This report by The Canadian Press was first published Nov. 4, 2021.

Companies in this story: (TSX:QBR.B)

The Canadian Press

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