“Challenging” 2013 pulls down profits at Glentel

BURNABY, BC – While sales climbed 74% and global revenue exceeded $1 billion in 2013, Glentel saw its net income plunge by more than $22 million.The wireless retailer incurred costs of $27.4 million ($20.4 million net of tax) for the year ended December 31, 2013, compared to $2.9 million ($2.1 million net of tax) in 2012. Glentel said that these costs relate primarily to its $23.1 million ($17.6 million net of tax) impairment of its investment in Australia’s AMT, offset by gains attributable to the sale of tower site assets in its Business Division.Net income for the year was $4.6...