BURNABY – Glentel Inc. on Wednesday reported profits had increased 48% to $4.798 million in the fourth quarter ended December 31, 2007 compared to the same period a year earlier.
Sales in the quarter increased to $68.9 million from $55.1 million in 2006, with the growth being propelled by a 28% increase in sales in the retail division and a 14% increase in sales in the business division.
During the quarter, Glentel opened 22 new retail stores, marking a 33% growth in the number of stores operating at the end of the year compared to 2006. The company now has a total of 224 retail stores.
The retail division’s sales of mobile phone products and services grew to $57.41 million in the fourth quarter from $44.97 million in the same quarter a year earlier.
All three sectors of the division – WirelessWave, Tbooth/la cabine T and Wireless performed well for Glentel in the quarter. The number of same-store mobile phones and other wireless devices sold increased 9% in the fourth quarter for stores that were open throughout both 2007 and 2006.
The business division’s sales of terrestrial radio systems, satellite network services, and technical service and engineering increased 14% to $11,513,000 for the quarter, compared to $10,097,000 for the same period in 2006.
The business division concentrated on realigning its operations to strengthen its delivery of wireless business solutions through its national network of branch operations.
In 2007, Glentel announced it had signed a mobile phone license agreement with Costco, which provides Glentel a license to operate the wireless category within Costco warehouses in Canada.
“We are pleased to report that management has been successful in expanding and consolidating our business and retail operations in 2007,” said Thomas Skidmore, Glentel’s president and chief executive officer in a statement. “Our retail division has been very successful in increasing its breadth and depth in the marketplace as Canada’s largest multi-carrier wireless retailer.”
