Telus Reports Lower Income in Q3
Telus, the Canadian telecom major, announced its financial results for the third quarter, revealing a decrease in income due to higher costs. The company reported a net income of 137 million Canadian dollars ($99.7 million), or C$0.09 per share, compared to C$551 million, or C$0.37 per share, during the same quarter last year.
Adjusted Earnings and Operating Revenues Show Slight Increase
While the net income declined, Telus noted that adjusted earnings before interest, taxed, depreciation, and amortization (EBITDA) increased to C$1.82 billion from C$1.72 billion. This surpassed Analysts' expectations of a rise to C$1.81 billion.
In terms of operating revenues, the company experienced growth, with figures rising to C$4.99 billion from C$4.64 billion. However, this fell slightly short of analyst expectations.
Factors Influencing the Decline in Net Profit
Telus attributed the decline in net profit to several factors, including higher expenses related to restructuring and cost-efficiency programs. Additionally, rising financing costs impacted the financial performance of the company during this period.
Positive Growth in Total Telecom Customers
Despite the challenges faced, Telus managed to expand its customer base in the telecom sector. The company saw a total increase of 406,000 customers, marking a rise of 59,000 from the previous year. Out of these additions, 160,000 were attributed to mobile phone customers, while 179,000 were connected devices net additions.
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