(Montreal) BCE says its net profit fell nearly 40% in its most recent quarter as the company began laying off 1,300 workers.
Net income for the Montreal-based telecommunications company for the second quarter was $397 million or 37 cents per common share, compared to $654 million or 66 cents per common share a year ago.
Adjusted earnings were 79 cents per share. Analysts on average had expected adjusted earnings of 77 cents per share for the period ending June 30, according to estimates compiled by financial markets data firm Refinitiv.
Adjusted net profit totaled 722 million compared to 791 million a year earlier.
Operating revenue reached 6.06 billion, compared to 5.86 billion a year earlier.
Bell attributed these increased costs to severance payments, a higher interest rate environment and the obligation it had to repurchase at fair value the minority stake in one of its equity investments in a joint venture.
Company in this post: (TSX: BCE)
