Rogers Communications posts $61.6M Q3 profit
Last Updated: Tuesday, October 26, 2004 | 4:04 PM ET
CBC News
Rogers said Tuesday that it made a profit of 19 cents per diluted share, compared with a loss of $17.4 million (13 cents a share) a year earlier.
The company's bottom line was helped by foreign exchange gains of $35.8 million on its U.S. dollar-denominated debt.
Rogers' operating revenue grew to $1.43 billion, up from $1.21 billion in the third quarter of 2003.
Rogers Wireless posted a profit of $108.4 million (76 cents per share) compared with a profit of $42.7 million or 30 cents per share for the same period a year ago. The firm's revenue increased to $721.1 million, up from $588.6 million in the same period of last year.
Rogers Wireless has put forward a $1.4-billion friendly takeover bid for Microcell Telecommunications, which runs the Fido network. The takeover bid came after Rogers Communications said it would pay $1.77 billion to buy AT&T Wireless' 34 per cent stake in Rogers Wireless.
"These strategic initiatives in the wireless space, combined with our ongoing focus across the Rogers group on stable operating performance and profitable growth, are positioning us increasingly for continued success well into the future," said Ted Rogers, the president and CEO of Rogers Communications.
The company said the Toronto Blue Jays baseball team posted an operating loss of $9.1 million for the two months ended Sept. 30, 2004. Rogers Communications said it advanced the Blue Jays $7.8 million during the quarter, compared to $22.2 million in the third quarter of 2003.
Shares of Rogers Communications were off 23 cents at $27.40 on the TSX, while Rogers Wireless gained 31 cents to close at $44.81.
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