Competition pulls down profits at Rogers

TORONTO – Rogers blamed “highly competitive markets” for first quarter declines in both revenue and profits. Consolidated financial results for the three months ended March 31, 2012 saw revenue dip 1% to $2.95 billion from $2.99 billion in same period last year, while adjusted profits fell 16% to $356 million from $423 million. Despite a 16% increase in wireless data revenue and the second highest number of smart phone activations in any quarter in its history, Rogers Wireless network revenue was virtually flat as customers opted for cheaper “entry level” data pricing plans and new outbound data roaming packages. Wireless...