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Wireless gains boost profit at Quebecor's Videotron

Tags: Quebecor

Media company Quebecor Inc. (QBR.B-T) posted solid revenue growth and a jump in quarterly profit at its Videotron unit on Wednesday, mostly due to wireless growth and one-off financial gains.

Profit at the cable and wireless unit jumped almost 69 percent to $161.9 million in the fourth quarter, on a 7-percent rise in revenue.

The unit added 32,500 wireless subscribers in the quarter, ended December 31. It launched the service in late 2010 and now has a total of 290,600 customers. It added 17,300 cable television customers.

Much of the jump in profit was attributed to a gain on the value of financial instruments compared with a year ago, while the company also said the roll-out of its wireless network had added to its operating costs. Revenue from mobile phone service more than doubled to $34.3 million.

The Montreal-based Quebecor parent company is due to release its full financial results on March 15. CTV Two CTV News CTV News Channel BNN - Business News Network CP24