Telus posts double-digit profit and revenue growth in second quarter

Telus profits soar

Telus Corp. posted double-digit profit and revenue increases in its latest quarter a day after announcing the acquisition of new spectrum licences for $1.95 billion.

The Vancouver-based company and owner of one of Canada's three national wireless networks says its net income attributable to common shareholders climbed 15.5 per cent to $335 million in the second quarter from $290 million a year earlier.

That equalled 25 cents per share for the three months ended June 30, two cents per share better than the second quarter of 2020.

Adjusted profits were $348 million or 26 cents per share, compared with $316 million or 25 cents per share in the prior year quarter.

Revenues increased 10.3 per cent to $4.1 billion, from $3.7 billion, driven by an increase in customer, mobile phone and fixed customer net additions.

Telus was expected to report 26 cents per share in adjusted profits on $4.08 billion of revenues, according to financial data firm Refinitiv.

“TELUS' continued execution excellence, realized against the backdrop of the ongoing global pandemic, was characterized by the consistent combination of industry-leading and profitable customer growth, yielding strong financial results across our business as evidenced by 10 per cent consolidated revenue and EBITDA growth," said CEO Darren Entwistle.

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