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Rogers Communications delivers big profit gain

Last Updated: Thursday, November 1, 2007 | 4:11 PM ET

CBC News

Rogers Communications has reported a 75 per cent rise in third-quarter profits on double-digit increases in its cable and cellphone business lines.

Rogers said it made $269 million (42 cents a share) in Q3, compared with $154 million (24 cents a share) in the same quarter a year earlier.

Rogers Class B shares three-month chartRogers Class B shares three-month chart

That met the consensus profit estimate of 16 analysts surveyed by Thomson Financial.

Operating revenues rose 13 per cent to $2.61 billion.

Rogers added 243,100 wireless subscribers in the quarter, bringing its total wireless subscriber level to just over seven million. 

Revenue from supplying wireless data grew 53 per cent over Q3 of last year. "This increase in data revenue reflects the continued growth of text and multimedia messaging services, wireless Internet access, BlackBerry devices, downloadable ring tones, music and games, and other wireless data services and applications," the company said in a release.

Its cable division saw operating profit rise 27 per cent as cable, internet and home phone revenues all rose.

CEO Ted Rogers said the company's brands and markets are strong, but said "we have much work to do to maintain our leadership position." Rogers Communications is Canada's largest wireless and cable-TV company. 

Rogers Class B shares fell 74 cents to close at $47.40 on the TSX.

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