Toronto-based telecommunications company Rogers Communications has released its financial results for the first quarter of the 2018 calendar year, showing a 37% increase in profits year-over-year.
The company’s profits rose more than a third from the $310mn recorded in Q1 2017 to $425mn, amounting to 83 cents per share, up from 60 cents per share.
The majority of this came from Rogers’ main division, its wireless business, that accounted for more than half of the company’s total revenue of $3.63bn at $2.19bn for the quarter, up 9% year over year.
“We delivered another strong quarter with really solid financial and operating results led by our largest segment, Wireless,” said Joe Natale, President and Chief Executive Officer. “Our team delivered on all key Wireless metrics, growing subscribers, revenue, and adjusted EBITDA, while continuing to reduce customer churn.”
Alongside its wireless business, Rogers’ cable and internet businesses both saw positive growth for
the period, whilst its media business was up as much as 12%, largely driven by its sports showings.
“we continue to make great progress on our key long-term plan to improve the customer experience and drive margin improvements and sustainable growth,” Natale continued.
Total revenue rose 8% from the $3.37bn recorded for the same three-month period through 2017.