Rogers Communications Inc. showed a 1 percent increase in revenues as the firm declared its fiscal results for the third quarter of this year.
According to the report, Rogers has posted a net profit of $495 million with earnings per share of 96 cents. As compared to the same period last year, Rogers improved on profits of $489 million with 90 cents earnings per share. The improved financial results reflects that this media giant has been able to keep its graph moving upward direction in spite of increased competition.
Rogers is unquestionably the leading wireless and cable TV operator in Canada that also publishes a major magazine in the country. The telecommunications giant is also a radio and TV broadcaster along with owning Toronto baseball team, the Toronto Blue Jays.
Explaining the reason behind their positive earnings, President and CEO of Rogers, Nadir Mohammed revealed that the smart phone subscriptions sales and revenue generated from wireless data has helped them a great deal in posting a profit of $495 million. The positive earnings figures by the company also depicts that margins in the cable and wireless businesses remain high within Canada.
Said Mohammed; “Despite intensely competitive markets, we continued to successfully leverage our technology leadership to deliver new and innovative products and services and to invest in our networks at a healthy pace, while at the same time continuing to generate strong earnings and free cash flow.”
Analyst sales estimates were in line with what Rogers earning this past quarter, however the net earnings totals were more than what forecasters were anticipating (seven percent up). This improved metric is due in large part to t upbeat progress that The Score Media Inc. has experienced since being acquired by Rogers.
It seems that Rogers is looking to capitalize on other business interests as the company is introducing new products in the near future, one of which is the launch of credit card. This launch will be a part of their “virtual wallet” plan because they are moving to mobile payments (service for smart phones users only).
However, while moving forward and posting decent profits, people should not forget about Rogers’ media arm, which had showed lower revenues ($392 million) as compared to the past ($407 million). Its media arm is comprised of the company’s broadcast, internet and print operations. The cause behind posting low profit was the abating of advertising market. Hopefully Score Media will come up with a strategy to sort this issue for Rogers.
Source: Financial Post
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