Quebecor (QBR.B) reported a first-quarter profit that was only slightly higher than a year ago.
The Montreal-based media and telecommunications company said that its net income
attributable to shareholders totalled $121.4 million or $0.51 per share for the quarter ended
March 31 compared with a profit of $121.3 million or $0.49 per share a year earlier.
Revenue for the quarter totalled $1.088 billion, down from $1.091 billion in the first three months
of 2021.
Quebecor chief executive officer (CEO) Pierre Karl Péladeau said the company is positioned
favourably after the Competition Bureau said this week that it opposes Rogers Communications
(RCI) acquisition of Shaw Communications (SJR).
Quebecor has expressed an interest in buying Shaw's Freedom Mobile wireless business that
regulators are expected to require be sold as a condition of approval for the proposed deal.
So far this year, Quebecor stock has declined 7% to $26.36 a share.
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