Quebecor Inc. says net income attributable to shareholders was $40.7 million, or 33 cents per basic share, in the first quarter, compared to $35.6 million and 29 cents per share in the same period last year.
The Montreal-based media company says adjusted income from continuing operations was $49.3 million, or 40 cents per share – up from $36 million or 29 cents a share in the same period of 2013.
Revenue during the quarter was $1.04 billion, a gain of $11.4 million or just over one per cent.
Quebecor’s telecommunications segment grew its revenues by $31.8 million and its adjusted operating income by $21.9 million in the quarter. Videotron Ltd. saw first quarter revenue increases for all of its major services.
Internet access revenue was 6.9 per cent higher at $13.6 million, the mobile phone segment grew 23.4 per cent to $11.7 million and cable television revenue grew marginally to $800,000.
During the quarter, Pierre Karl Peladeau resigned from the Quebecor board following his decision to enter politics. Sylvie Lalande was appointed board chairman of TVA Group and Francoise Bertrand named the board chairman at Quebecor.
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“During the first quarter of 2014, Quebecor posted solid consolidated financial results and continued growth in the Telecommunications segment,” said president and CEO Pierre Dion.
“The growth was driven primarily by the telecommunications segment, as well as by the favourable impact of the various refinancing operations completed at advantageous interest rates.”
Dion added that by leveraging its strengths, “Quebecor will continue positioning itself to pursue its business development and profitability targets and create shareholder value.”
Quebecor owns the province’s most-read tabloid newspaper and its most-watched TV network. It also operates a 24-hour news TV channel and Videotron, Canada’s third-largest cable services provider.