MONTREAL -- Quebecor Inc. (QBRb.TO) is reporting a profitable fourth quarter, erasing a loss that the media and telecommunications company experienced in the final quarter of 2015.

The Montreal-based company had $123.3 million of net income for shareholders in the three months ended Dec. 31.

That compared with a $34.8-million loss in the fourth quarter of 2015.

Quebecor's net income was equal to $1.01 per basic share and 54 cents per share after dilutions, compared with a loss of 28 cents per basic and diluted share the year before.

Its revenue was up 2.6 per cent at $1.05 billion.

It's the first time Quebecor has reported its financial results since Pierre Karl Peladeau returned to the company in February to resume his role as president and CEO.

Peladeau had led the company for 14 years before entering politics as a Parti Quebecois candidate in the 2014 provincial election.

Quebecor owns an 81 per cent stake in Quebecor Media, which holds the Videotron cable and telecommunications company and TVA Group broadcaster, Le Journal de Montreal and Le Journal de Quebec as well as other media businesses.