MONTREAL – Revenues at Quebecor jumped 5.2% in 2011 which the company said was due to “sustained growth” in the customer base at its Videotron subsidiary.
The Montreal-based communications behemoth said Thursday that revenues for the year ended December 31, 2011 were $4.21 billion, up from $4.0 billion at the end of 2010. Operating income showed a modest increase to $1.34 billion, while net income attributable to shareholders fell from $225.3 million last year to $201 million.
For the fourth quarter, revenues increased 5.5% year-over-year to $1.15 billion, operating income grew 2.8% to $369.2 million, and net income attributable to shareholders jumped from $46.6 million to $85.4 million from the same period last year.
Quebecor consolidates the financial results of its Quebecor Media Inc. subsidiary, in which it holds a 54.7% interest. The company released the financial results for Videotron and TVA Group earlier.
After detailing highlights and challenges from the company’s various segments, president and CEO Pierre Karl Péladeau turned his attention to hockey. Noting that its recent interest in a Quebec Major Junior Hockey League team “will make new content available on the Corporation’s various media platforms”, he reiterated the company's goal to bring NHL hockey back to Quebec City.
“As we review the events of 2011, we must also note the final agreement on management and naming rights to the future arena in Québec City, for an initial 25-year period”, he said in a statement. “Quebecor Media now has all the tools it needs to pursue its goals, which are to manage a world-class multipurpose center and to bring a National Hockey League team to Québec City.”
