TORONTO — Rogers Communications Inc. reported its second-quarter profit rose to $394 million from $109 million a year ago, in part due to lower restructuring and acquisition costs related to its purchase of Shaw Communications last year.
The company said the profit amounted to 73 cents per diluted share for the quarter ended June 30, up from 20 cents per diluted share in the same quarter last year.
Revenue totalled $5.09 billion, up from $5.05 billion a year earlier, helped by growth in its wireless and media businesses.
Rogers said wireless revenue totalled $2.47 billion in the quarter, up from $2.42 billion a year earlier, while media revenue rose to $736 million from $686 million a year ago.
On an adjusted basis, Rogers said it earned $1.16 per diluted share in its latest quarter, an increase from its adjusted profit of $1.02 per diluted share in the same quarter last year.
“We continued to deliver industry-leading financial results in the second quarter and attract more Canadians than any other carrier,” said Rogers president and CEO Tony Staffieri in a press release on Wednesday.
“With the backdrop of a growing market and healthy competition, we delivered growth with record Wireless and Cable margins. We are on track to deliver our 2024 plan and I am proud of our team for continuing to out-execute our peers.”
Rogers said its net increase in postpaid mobile phone subscribers totalled 112,000 for the three-month period, down 34 per cent from 170,000 net additions recorded the same period last year.
Rogers’ monthly churn for net postpaid mobile subscribers — a measure of those who cancelled their service — was 1.07 per cent, up from 0.87 per cent during its previous second quarter.
Meanwhile, Rogers’ mobile phone average monthly revenue per user rose to $57.24, marking a 0.79 per cent increase from $56.79 in the second quarter of the prior year.
This report by The Canadian Press was first published July 24, 2024.
Companies in this story: (TSX:RCI.B)