MONTREAL – Growth at Quebecor’s cable company Videotron helped the company see an almost 11% increase in revenue, and an 18% jump in operating income for fiscal 2008.
The company, which announced its consolidated financial results Wednesday, reported revenues of $3.73 billion, an increase of $364.2 million from 2007, and operating income up $171.7 million to $1.12 billion for the year ending December 31, 2008.
Net income for 2008 was $187.3 million, compared with a net loss of $969.2 million in the previous fiscal year.
Revenues rose in its Cable division by $251.6 million (16.2% of segment revenues), reflecting customer growth for all services, while its newspapers division grew $107.5 million or 10.0%. The Broadcasting division reported $21.2 million of revenue, or 5.1% of segment revenues.
“Quebecor remains a highly diversified communications and media company that is responsive to customer needs and committed to its business development and growth strategy”, said president and CEO Pierre Karl Peladeau, in the press release.
“Our strategy is not to simply adapt to the new economy but to proactively and creatively exploit its full potential”, he continued. “I believe the future belongs to consumer-driven businesses that give consumers exactly what they want in terms of information and entertainment, when they want and on the platform they want. This is precisely the vision we are embracing in all our lines of business, for this is the road to profitability in the future."
