Quebecor reports revenue increase in Q4

Quebecor Inc. reported a successful fourth-quarter as it closed out the 2023 fiscal year, which it said was largely due to the continued impact from its Freedom Mobile acquisition. During a conference call with financial analysts on Thursday, the Montreal-based telecom announced a 27 per cent increase in revenues compared to last year’s Q4, climbing to $1.5 billion from $1.19 billion. Net profit declined by 1.3 per cent to $141.2 million, down from last year's $142.5 million. Revenues in Quebecor’s telecommunications division increased by 35 per cent to just under $1.3 billion, compared to $960 million last year. Along with the addition of Freedom’s revenues, CEO Pierre Karl Péladeau credited the increase to higher service revenues, equipment sales, internet access, and growth at its Fizz and Videotron subsidiaries. The company managed to generate this revenue growth “in the face of particularly hostile retaliation measures” from competitors, said Péladeau. Echoing statements he made to the CRTC last week, he pointed to internet packages offered by BCE Inc. in Quebec priced 40 per cent lower than its same offerings outside of the province. “How long will they maintain this almost shameful disparity between their own customers?,” he asked. “I can’t help wonder why Bell is so terrified the new CRTC FTTP rates of approximately $70, excluding consumption, when they are offering the same service at a much lower monthly rate, more than $30 lower in some cases.” Quebecor’s media division saw a continued decline in revenue, shrinking by 4.9 per cent to $204.8 million from last year’s $215.4 million. Péladeau pointed to the current advertising market, saying it “shows no sign of improving anytime soon.” He also attributed the decrease to declines in studio business due to the recent actors’ and writers’ strikes in the United States, as well as a “static regulatory environment” that he says puts Quebecor “at a disadvantage in our fight against the web giants and the national broadcaster.” The CEO recalled the “difficult, yet necessary measures” the company announced last year, including a massive number of layoffs, “to withstand the market pressures and to face the competition.” Quebecor’s sports and entertainment division saw a slight increase in revenue from $54.1 million to $56.4 million this year. – Reporting by Phalen Tynes-MacDonald at pcreed@thewirereport.ca.

Quebecor reports revenue increase in Q4

News | February 22, 2024

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Quebecor reports revenue increase in Q4

News | February 22, 2024

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