Competition eats into profits at Glentel

BURNABY – Despite a 23% bump in sales, Glentel saw profits fall by over $1 million in the first quarter of 2012. The multi-carrier mobile phone retailer reported net income of $3.27 million for the period ended March 31, 2012, compared to $4.75 million in the same quarter in 2010. Consolidated sales were $148.3 million, up year-over-year from $121.1 million. Sales of retail mobile phone products and services in Glentel’s Retail Canada division grew 18% to $90.6 million over $77.0 million in the prior year, which it attributed to the increased mix of smart phones and tablets sold having higher selling prices and...