SaskTel's 2012 net income drops 16% on higher spending

REGINA – While operating revenues came in 5% higher at $1.18 billion in 2012 , net income dropped by 16% to $129.6 million, the Crown Corporation reported Monday. However, that net income was still higher than budgeted, driven by the growth in wireless revenues thanks to Saskatchewan residents quick adoption of smartphones, said the company. Its Max Entertainment Services revenues were also above budget due to greater than expected customer growth. The drop in 2012 income compared to 2011 was due to increased spending on network upgrades. "In 2012, we successfully responded to the challenges of a rapidly changing industry...