Profits, dividend, take a dive at MTS Allstream

WINNIPEG – MTS Allstream cut its dividend and scaled back its 2010 financial projections as it struggles with the impact of the economic downturn and “aggressive” price competition in its home province of Manitoba.Net profits fell to $28.2 million for the three months ended June 30, 2010, from $30.1 million a year ago, while revenues dropped to $443 million from $452.8 million. The company also revised its 2010 outlook, downgrading revenue and earning projections to $1.740 billion to $1.790 billion, down from $1.780 billion to $1.880 billion.The company said that it expects that its financial results will improve “as competitive...