VANCOUVER – A 12% increase in wireless subscribers helped to drive up second quarter earnings at Telus.
Net income was $296 million, up 21% from $244 million in the same period last year, while operating revenues increased to $2.39 billion from $2.38 billion. EBITDA for the quarter ended June 30, 2010 was $919 million, compared to $873 million in the same period last year.
Total net wireless subscriber additions of 124,000 increased by 12% over the same period a year ago. Higher value postpaid net additions were up 15% to 109,000, and smart phone subscribers now represent 25% of total postpaid subscribers, compared to 16% a year ago.
In Telus’ wireline division, data revenues increased by 5.1%, reflecting Telus TV subscriber growth, higher managed workplace revenues and increased Internet, enhanced data and hosting services.
Telus TV net additions were 29,000, an increase of 71% over the same period last year, which the company said was due to improved installation capabilities, enhanced service including ‘PVR Anywhere’, investment in expanded broadband coverage, and the addition of Telus’ satellite TV service in mid-2009. The Telus TV subscriber base now totals 228,000 up 98% over last year.
The company’s high speed Internet net additions of 3,000 were unchanged from a year ago, which it blamed on ongoing competitive intensity and a maturing market.
See the company’s second quarter earnings release here.
