MONTREAL – Quebecor ended 2015 back in the black, rebounding from a $30.1 million net loss attributable to shareholders last year, to $151.8 million in net income attributable to shareholders.
The Montreal-based communications and media giant said Wednesday that the favourable variance of $181.9 million was due in part to the $102.1 million favourable non‑cash impact of fluctuations in the fair value of convertible debentures and the $45.3 million favourable impact of the decreased loss related to discontinued operations.
Led by gains at Videotron, consolidated revenues grew 7.5% from $3.61 billion in 2014 to $3.88 billion, and adjusted operating income increased 2.2% from $1.41 billion to $1.44 billion year-over-year.
For the fourth quarter, revenues grew 7.0% to $1.02 billion and adjusted operating income increased 2.2% to $360.8 million, resulting in a $34.8 million net loss attributable to shareholders compared with $59.5 million in the same period of 2014, a favourable variance of $24.7 million.
Videotron posted revenue increases of $116.0 million (40.3%) from mobile telephony, $64.6 million (7.5%) from Internet access services, and $11.4 million (93.4%) from its Club illico over-the-top video service. The company grew its segment revenues by 6.0% to break through the $3.00 billion mark, while adjusted operating income increased 2.4% despite a $21.1 million unfavourable variance in one‑time items.
Videotron posted a 3.1% net increase of 168,200 revenue-generating units in 2015, including increases of 135,800 subscriber connections to its mobile telephone service, 79,800 customers for Club illico, and 30,700 customers for its cable Internet access service.
Videotron’s president and CEO Manon Brouillette said that the 21.5% jump in subscriber connections to its mobile telephony service was the highest rate of growth in Canada in 2015 and the largest annual increase for the service since 2011. Total ARPU for all of Videotron's services was $135.68, up 8.4% including an increase of 11.7% for mobile telephony.
"All our segments posted revenue increases in 2015. The solid performance reflects the effectiveness of our investment and business development strategy in each of our lines of business”, said Quebecor president and CEO Pierre Dion, in a statement. "During the year, Quebecor took new steps under its plan to refocus its business on its main growth drivers. That plan also calls for diversification of revenue streams through investment in businesses with strong development potential. As well, the Corporation's disinvestment strategy in its Media and Retail Sales segments is consistent with the consolidation trend that we are seeing in those industries.”
