MONTREAL – Quebecor ended 2014 with a net loss attributable to shareholders of $30.1 million as it continues to refocus on what it describes as its main growth businesses.
The Montreal-based communications and media giant attributed the loss in large part to a $242.8 million favourable non-cash impact of fluctuations in the value of goodwill, intangible assets and derivative financial instruments. But the loss is an improvement over its $288.6 million net loss recorded at the end of 2013.
Led by gains at Videotron, consolidated revenues grew 1.9% from $3.65 billion in 2013 to $3.72 billion, and adjusted operating income increased 2.1% from $1.37 billion to $1.40 billion year-over-year.
For the fourth quarter, revenues grew 2.9% to $989.4 million and adjusted operating income dipped 0.9% to $353.1 million, resulting in a $59.5 million net loss attributable to shareholders compared to $0.3 million in net income attributable to shareholders in the same period of 2013.
Videotron’s president and CEO Manon Brouillette said that the Telecommunications segment’s growth was driven by growth in mobile telephony and Internet access services, and that the 128,500 new subscriber connections made in 2014 were the largest annual increase since 2011. ARPU generated by all of Videotron's services totalled $125.16 in 2014, a 6.0% year-over-year increase.
"In keeping with its mission, Quebecor refocused its activities on its main growth businesses in 2014”, said Quebecor president and CEO Pierre Dion, in a statement. “The business acquisitions and disposals announced and completed by the Corporation are also consistent with the trend toward consolidation in the media industry, which is necessary in order to maintain the sustainability and competitiveness of traditional media. Quebecor's strategy also hinges on diversifying revenue streams by developing related activities.”
www.quebecor.com
