VANCOUVER – First quarter profits at Telus climbed by 20% which the company attributed to growth in wireless and wireline revenues, both driven by strong data revenue growth.
Consolidated revenue for the quarter ended March 31, 2011 was $2.5 billion, an increase of 6.5% from $2.3 billion year-over-year, the telco announced Thursday. Net income for the quarter was $328 million, up 20% from $273 million in the same period in 2010.
Telus ended the quarter with just over 7 million wireless customers, including 52,000 new postpaid wireless subscribers, as smart phone loading continued to accelerate. Prepaid subscribers declined 20,000.
The company added 44,000 new Telus TV customers, pushing its subscriber base to 358,000 which is up 80% over last year. It credited the increase to the ongoing success of the Optik TV brand, increased installation capabilities, enhanced features, and expanded service coverage. High speed Internet net additions of 16,000 increased by 13,000 from a year ago due to the pull through effect of TV sales, as well as continued broadband service expansion.
"These quarterly results demonstrate the success of Telus’ strategy for driving data growth in our wireless and wireline businesses and providing a leading range of services and products for consumers and businesses alike," said president and CEO Darren Entwistle, in a statement. "Underpinned by our strategic network investments and Telus’ continued momentum in the market, we are generating accelerating sales of smart phones and continued strong Optik TV and High Speed Internet sales. This momentum drove 44% revenue growth in wireless data and 11% growth in wireline data."
For more on Telus’ first quarter results, click here.
