Technology

Telus profit is down in the first quarter

Published on 05/07/2021 11:01 AM

(Photo: The Canadian Press)

Telus posted lower first-quarter profit on Friday compared to the same period last year, despite revenue rising nearly 9%.

The telecommunications giant also announced an increase in its quarterly dividend, which will rise by half a cent to reach 31.62 cents per share, compared to 31.12 cents previously.

Net income attributable to shareholders of Telus was $ 331 million, or 25 cents per share, for the quarter ended March 31. By comparison, that profit had reached $ 350 million, or 28 cents per share, in the first quarter of last year.

Operating and other income climbed to $ 4 billion from $ 3.7 billion in the first quarter of 2020.

During the most recent quarter, Telus welcomed 145,000 new customers, including 31,000 for its mobile services and 63,000 for its connected devices, in addition to 33,000 new internet customers, 11,000 television customers and 17,000 for its security services. These gains were partially offset by the loss of 10,000 residential voice service customers.

Excluding one-time items, Telus said its adjusted profit was 27 cents per share in the most recent quarter, compared to an adjusted profit of 32 cents per share a year earlier.

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