MONTREAL – Rising revenues were not enough to offset first quarter net losses at Quebecor, the company said Thursday.
For the period ended March 31, 2017, revenue of $996.4 million was up 2.2% year-over-year. Revenues increased in Telecommunications ($27.4 million or 3.5% of segment revenues) and in Sports and Entertainment ($1.1 million or 10.7%), though revenues decreased in Media ($10.3 million or -4.7%).
The company reported a $200,000 net loss to shareholders in the period, compared with net income attributable to shareholders in the amount of $69.9 million in the same period of 2016, primarily due to an unfavourable variance of $70.1 million unfavourable variance in losses and gains on valuation and translation of financial instruments.
Videotron significantly increased its quarterly revenues from mobile telephony ($26.5 million or 22.8%), Internet access ($8.8 million or 3.6%), business solutions ($5.8 million or 22.7%), and the Club illico over-the-top video service ($1.3 million or 16.9%).
Videotron's average monthly revenue per user (ARPU) was up $8.11 (5.7%) from $141.37 in the first quarter of 2016 to $149.48 in the first quarter of 2017.
Videotron also posted a net increase of 30,000 revenue-generating units (0.5%) in the period, including 27,000 connections to the mobile telephony service, 15,300 subscriptions to the cable Internet access service and 9,800 memberships in Club illico.
Quebecor’s complete Q1 2017 financial results are available here.
