Quebecor posts lower Q3 profit, despite revenue rise

One-time accounting items impacted the bottom line, as the Quebec media group posted a rise in its telecommunications revenue.
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Quebec media group Quebecor on Tuesday posted lower third quarter earnings due to one-time charges.

Montreal-based Quebecor recorded net income of $5.6 million, against year-earlier $49.3 million for the three months to September 30, on overall revenue of $1.06 billion, up 4.4% from $1.01 billion in 2011.

Quebecor’s third-quarter profit line was impacted by a $117.7 million loss on the value of financial instruments, and a $187 million non-cash charge for impairments of goodwill and intangible assets.

During the latest quarter, news media revenue was down slight to $227.6 million, against a year-earlier $235.2 million, and broadcasting was virtually unchanged at $99 million in revenue, against $89.3 million in 2011.

Those falls were offset by a rise in telecommunications revenue to $659.2 million, compared to $611.6 million in 2011.

“The corporation continued its growth in the third quarter of 2012 despite a fiercely competitive business environment in most of its lines of business,” Pierre Karl Péladeau, president and CEO of Quebecor, said Tuesday in a statement.