Telus: revenue up, profit not

Photo: The Canadian Press

Telus Corp. is reporting strong performance in its key wireless division during the second quarter, including customer additions and higher average revenue per user.

Wireless revenue was $1.85 billion, which included a 7.2 per cent increase in network revenue supported by the addition of 99,000 contract subscribers during the quarter.

In the wireline division, which includes high-speed Internet and television services, revenue was up 2.5 per cent at nearly $1.5 billion.

Overall revenue for the Vancouver-based telecommunications company was up 3.9 per cent to $3.27 billion, after eliminating internal revenue.

Net income was down 7.2 per cent at $386 million, including $379 million or 64 cents per share attributable to common shareholders, due to lower operating income, higher financing costs and unusual items.

Adjusted profit fell 2.7 per cent to $404 million, or 68 cents per share, after excluding items such as a 2016 gain from the sale of spectrum licences during the comparable period last year.