Telus 3Q Profit Falls as Costs Mount

By Adriano Marchese

Telus on Friday reported lower income in the third quarter as higher costs weighed.

The Canadian telecom major posted net income of 137 million Canadian dollars ($99.7 million), or C$0.09 a share, down from C$551 million, or C$0.37 a share, in the comparable quarter a year ago.

Adjusted earnings before interest, taxed, depreciation and amortization was C$1.82 billion, up from C$1.72 billion. Analysts polled on FactSet were expecting a rise to C$1.81 billion.

Operating revenues rose to C$4.99 billion from C$4.64 billion, below analyst expectations of a rise to C$5.07 billion.

The decline in net profit was largely due to higher restructuring and cost-efficiency program expenses as well as rising financing costs, among others, Telus said.

Total telecom customer grew by 406,000, up 59,000 from a year earlier. Of those, 160,000 were mobile phone net additions, as well as 179,000 connected devices net additions, Telus said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 03, 2023 07:36 ET (11:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.