Telus reports Q1 profit down from year ago, but revenue up

Telus profits retreat

Telus Corp. reported its first-quarter profit fell compared with a year ago as its revenue climbed nearly nine per cent.

The company also raised its quarterly dividend half a penny to 31.62 cents per share, up from 31.12 cents.

Telus says its net income attributable to common shares totalled $331 million or 25 cents per share for the quarter ended March 31 compared with $350 million or 28 cents per share a year ago.

Operating revenues and other income rose to $4 billion compared with $3.7 billion in the first quarter of 2020.

In the quarter, Telus added 145,000 new customers including 31,000 mobile phones and 63,000 connected devices, in addition to 33,000 internet, 11,000 TV and 17,000 security customer connections. The gains were partly offset by residential voice losses of 10,000.

On an adjusted basis, Telus says it earned 27 cents per share in its most recent quarter compared with an adjusted profit of 32 cents per share a year ago.

More Business News