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UPDATE 1-Rogers Communications' quarterly profit more than doubles

Published 2017-10-19, 07:33 a/m
Updated 2017-10-19, 07:40 a/m
© Reuters.  UPDATE 1-Rogers Communications' quarterly profit more than doubles

© Reuters. UPDATE 1-Rogers Communications' quarterly profit more than doubles

(Adds details from release)

Oct 19 (Reuters) - Canadian telecom company Rogers Communications Inc RCIb.TO said on Thursday its third-quarter profit more than doubled as its wireless business kept firing on all cylinders and it sharply increased its full-year profit forecast.

The Toronto-based company's net income rose to C$467 million ($375 million), or 91 Canadian cents per share, in the third quarter ended Sept. 30, from C$220 million, or 43 Canadian cents per share, a year earlier. rose to C$3.58 billion from C$3.49 billion.

On an adjusted basis the company earned C$1.02 per share, up from 83 Canadian cents a year ago.

Rogers, the country's largest wireless company by market share, said it added 129,000 net postpaid wireless subscribers in the quarter, the largest jump in such high-value customers in eight years and more than the 113,000 average of expectations from five analysts polled by Reuters.

The company added 27,000 landline internet and 1,000 landline phone accounts, but lost 18,000 television subscribers.

The analysts polled by Reuters had on average expected 35,000 internet additions. The figure is in particular focus for investors given the heightened competitive threat from rival BCE Inc's BCE.TO Bell, which is spending heavily to build out a more advanced fixed-line network.

Rogers said it now expects adjusted operating profit growth of between 5 and 6 percent, up from a 2 to 4 percent range it gave in January.

($1 = 1.2451 Canadian dollars)

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