As Québecor continues with plans to increase its presence throughout Canada, present monetary outcomes present it’s shedding cash.

The corporate’s Q2 2022 outcomes present it pulled in $1.12 billion in income, down $16 million (1.4 p.c) from Q2 2021. A part of the lower got here from telecommunication providers, the place income shrank by 1.7 p.c ($15.8 million).

Québecor additionally reported a lower in income from media providers. Earnings in sports activities and leisure offset the losses.

However, its subsidiary Vidéotron noticed its income enhance by 11.4 p.c via cell providers and gear.

Total, Québecor added 34,600 connections to its cell service this quarter, rising this determine by 27 p.c in comparison with the second quarter of 2021.

“In what stays a extremely aggressive setting, Québecor maintained its operational rigour and monetary self-discipline within the second quarter of 2022,” Pierre Karl Péladeau, Québecor’s president and CEO, stated.

The corporate recently acquired VMedia in a bid to increase its presence. The corporate will proceed functioning as an entire below Québecor’s banner.

“VMedia is now one of many key companions that can assist speed up Québecor’s plan to extend competitors in Canada and supply higher multi-service provides, giving Canadian customers extra decisions at a greater value,” a Québecor spokesperson informed concerning the merger.

The corporate can also be buying Freedom Mobile for $2.85 billion, which can undergo if Rogers’ takeover of Shaw is authorized. The Commissioner of Competitors blocked the merger in Could, and the matter will seem before the Competition Tribunal quickly.

Picture credit score: Shutterstock

Supply: Québecor

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