BURNABY – A 42% increase in sales helped to push up 2011 profits at multi-carrier retailer Glentel.
The Burnaby, BC-based retailer reported consolidated sales for the year ended December 31, 2011 of $583.7 million, compared to $412.3 million in 2010, while net income was $28.7 million versus $23.4 million last year.
Sales of retail mobile phone products and services in the Retail Canada division increased 15% to $380.7 million, compared to $330.2 million, while the U.S. division saw sales skyrocket by 278% to $170.2 million, over $45.1 million last year.
The company’s Business division reported sales of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services that dropped 12% to $32.8 million in 2011, compared to $37.7 million in the prior year.
"Sales for the company increased 42% and our earnings increased 22% year over year," said president and CEO Thomas Skidmore, in a statement. "We are very pleased with the performance of our divisions throughout 2011."
