Canadian telecommunications provider Telus (T) has raised its dividend payment to stockholders by 4% despite reporting a first-quarter profit decline.
The company said that, going forward, it will pay a quarterly dividend of 36.36 cents per share, up from 35.11 cents a share previously.
The increased payout comes despite Telus reporting a Q1 profit of $217 million or $0.15 cents a share, down 44% from $385 million or $0.28 per share a year earlier.
Telus said its revenue in the quarter ended March 31 totalled $4.96 billion, up 16% from $4.28 billion in the first three months of 2022.
Analysts on average had expected a profit of $0.26 per share and $4.90 billion in revenue, according to Refinitiv data.
Telus blamed the profit decline on restructuring and other costs.
The company said that it added 47,000 mobile phone subscribers during Q1, up 2% from 46,000 a year earlier.
The stock of Telus has declined 12% in the past year to trade at $28.13 per share.
