TORONTO — Rogers Communications Inc. reported a first-quarter profit of $256 million, down from $511 million a year ago, as it faced higher costs related to its Shaw Communications acquisition and restructuring efforts.
The company says the profit amounted to 46 cents per diluted share for the quarter ended March 31, down from $1.00 per diluted share in the same quarter last year.
Revenue totalled $4.90 billion, up from $3.84 billion a year earlier, helped by growth in its cable and wireless businesses.
Rogers says wireless revenue totalled $2.53 billion in the quarter, up from $2.35 billion a year earlier, while cable revenue rose to $1.96 billion from $1.02 billion a year ago, boosted by the acquisition of Shaw.
Media revenue at Rogers amounted to $479 million, down from $505 million in the same quarter last year.
On an adjusted basis, Rogers says it earned 99 cents per diluted share in its latest quarter, down from $1.09 per diluted share in the same quarter last year.
“We continued to deliver industry-leading growth in the first quarter, our ninth straight quarter of growth and momentum,” said CEO Tony Staffieri in a press release.
“At the one-year milestone of the Shaw merger, more Canadians continue to choose Rogers than any other carrier and we’re one year ahead of our synergy targets.”
The company had a goal of finding around $1 billion worth of savings stemming from the merger.
Roger’s monthly churn for net postpaid mobile phone subscribers was 1.1 per cent, up from 0.79 per cent during its previous first quarter.
The company’s mobile phone average monthly revenue per user was $58.06, up from $57.26 in the first quarter of last year.
“The increase in mobile phone ARPU this quarter was primarily associated with the changes in subscribers,” Rogers said in its release.
This report by The Canadian Press was first published April 24, 2024.
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