Quebecor reported net profit of 171.3 million in the second quarter of the current fiscal year, an improvement over the net profit of 156.3 million reported a year earlier for the same period.
Year-over-year, Quebecor’s revenue jumped 25.4% to $1.4 billion.
Quebecor’s Telecommunications sector posted a 31.6% increase in revenue, a result the company attributes to the acquisition of Freedom Mobile. Quebecor specifies that thanks to this acquisition, its mobile service network can now reach nearly 70% of the Canadian population.
On the other hand, TVA Group suffered a 5.9% drop in revenues compared to the second quarter of 2022. Quebecor reports that the implementation of the restructuring plan, announced last February, has not yet generated savings. sufficient to counter the significant impact of a declining advertising market. The company adds that it would be an illusion to believe that the situation will improve in the short or medium term.
The Sports and Entertainment segment still posted an 8.4% increase in revenue.
Quebecor’s board of directors this week declared a quarterly dividend of $0.30 per share to be paid on September 19.