MONTREAL – Quebecor increased revenues 1.1% for the first quarter, noting growth was driven primarily by its Telecommunications segment.
For the period ended March 31, 2104, revenues were $1.04 billion, up from $1.03 billion in the same period of 2013, while adjusted operating income was $346.5 million, a 6.6% increase over $325 million last year.
Net income attributable to shareholders increased to $40.7 million compared with $35.6 million year-over-year, and adjusted income from continuing operations grew to $49.3 million versus $36.0 million.
Videotron grew its first quarter revenues by $31.8 million (4.8%) and its adjusted operating income by $21.9 million (7.0%) in the first quarter of 2014. Revenues were flat in Quebecor’s Interactive Technologies and Communications; and decreased in its News Media ($16.0 million or -8.6%), Broadcasting ($4.8 million or -4.2%), and Leisure and Entertainment groups ($2.7 million or -4.2%).
Videotron also recorded revenue increases for all of its major services: Internet access ($13.6 million or 6.9%), mobile telephony ($11.7 million or 23.4%), cable telephony ($2.2 million or 1.9%), and cable television ($800,000 or 0.3%). Average monthly revenue per user (ARPU) was $121.72 in the first quarter of 2014, up 6.3% ($7.23 from the same period of 2013.
President and CEO Pierre Dion attributed Quebecor’s first quarter results to growth in the Telecommunications segment, as well as “the favourable impact of the various refinancing operations completed at advantageous interest rates."
"During the first quarter of 2014, Quebecor posted solid consolidated financial results and continued growth in the Telecommunications segment," he said in a statement. "By leveraging all its strengths, Quebecor will continue positioning itself to pursue its business development and profitability targets and create shareholder value."
