Quebecor has made more profits in 2017 than in the previous year, according to its annual report revealed on Wednesday.
The net income last year rose from 175 million ($0.73 per basic share), from $ 194.7 million ($0.80 per basic share) in 2016 in 369,7 million $ (usd $ 1.53 per basic share) in 2017.
Revenues increased 2.6 %, an increase of 105.8 million $ compared to 2016, to reach $ 4.12 billion $ in the last year. Videotron has in particular led to a surge in its revenues in mobile telephony (19,5 %), Internet access (5,3 %), business services (12.1%), and for the service of video on demand (svod) Club illico (26.4 per cent).
The president and ceo of Quebecor Pierre Karl Péladeau was keen to stress the profitability of the conglomerate in quebec that he is in control, with the annual growth rate of 99.3 million, $ (6.6 percent) on adjusted operating earnings.
“It is, in fact, the highest growth recorded by the Company over the past eight years. All of our segments contributed to this exceptional result,” he mentioned through a press.
“In addition, Quebecor completed in 2017 several financial transactions to be successful, including the sale of licenses for wireless spectrum held outside the province of Quebec, which generated cash inflows totalling $ 614,2 million and total gains on disposal of assets of 330,9 million $. The Company now has access to over $ 2.0 billion in available liquidity, placing Quebecor in a position of power in a business environment very competitive. This excellent financial position will allow us to continue our investments in the wireless and wired network of Videotron, in the platform XFINITY X1 from Comcast Corporation and in the framework of our process of redemption of the common shares held by CDP Capital d’amérique Investment in Quebecor Media,” said Pierre Karl Péladeau.
For the fourth quarter of 2017 disclosed Wednesday morning, Quebecor saw its revenues increase by 0.8 % compared to the same period in 2016, but his profits have decreased. Its net income was $ 65.6 million ($0.27 per share basic) for the last quarter, a decrease of 57.7 million ($0.23 per basic share) compared to 2016, which was completed with a surplus of 123,3 million ($0.50 per basic share).