Profits more than double at Quebecor

MONTREAL – Quebecor saw its first quarter profits jump 52%, however, the majority of the increase was due to a “favourable variance in gain on valuation and translation of financial instruments” rather than the performance of its business units. Revenues for the quarter ended March 31st were $1.06 billion, up 7.4% year-over-year from $990.5 million, while operating income rose 9.5% to $322.2 million from $294.3 million. Net income attributable to shareholders was $72.9 million over $34.3 million last year. It’s Videotron subsidiary saw revenues grow by more than 10% to $645.8 million, led by a 9.1% increase in combined cable television revenues due primarily to customer...