Telecommunications firm Quebecor (QBR.B) has reported that its net income for this year’s second quarter rose 10% to $171.3 million from $156.3 million a year earlier, boosted by its purchase of Freedom Mobile.
Quebecor said its revenues in Q2 rose 25% to $1.40 billion from $1.12 billion a year ago.
The positive financial results come after Quebecor acquired Freedom Mobile for $2.85 billion earlier this year, providing it with an additional 1.8 million mobile phone subscribers.
The Montreal-based company said its telecommunications unit, which accounts for 86% of revenue, drove its Q2 earnings, offsetting losses at its cable television division.
The additions from Freedom Mobile bring Quebecor’s total number of mobile phone customers to 3.6 million. Quebecor has also acquired 20,000 internet service subscribers through Freedom Mobile.
Quebecor said its wireless mobile phone average revenue per user was $37.77 in Q2 of this year, down 3% from the previous year.
The stock of Quebecor has risen 14% over the last 12 months to trade at $32.49 per share.
