MONTREAL – The costs behind Quebecor’s new wireless network helped to weigh down profits at the Quebec-based media giant.
Consolidated net income for the year ended December 31, 2010 was $230.1 million, a 17.1% drop from $277.7 million in 2009. Revenues hit $4.0 billion, up 5.1% from $3.81 billion last year.
Over at Videotron, the company’s wireless network ended the year with 136,100 subscribers after adding 41,000 new customers in the fourth quarter. Videotron also reported 1,811,600 subscribers to its cable television service (including 1,219,600 for illico TV); 1,254,400 subscribers to its cable Internet access service and its new high-speed mobile Internet service; and 1,114,300 subscribers to its cable telephone service.
President and CEO Pierre Karl Peladeau called 2010 “a signal year for Quebecor’s future development".
"With the launch of several new products, the company is entering the new decade in a position of strength”, he said in a statement. "The initiatives and successes of 2010 testify to Quebecor’s determination to be a leading-edge player that delivers superior value. Quebecor is eager for new challenges and intends to seize all growth opportunities in order to accomplish its mission and be a Canadian telecommunications and media leader."
Click here for more on the company’s 2010 financial results.
