MTS posts profit dip amid lower revenues
Manitoba Telecom Services posts lower profit of $25.4M on lower revenues
Manitoba Telecom Services Inc. has posted a lower third-quarter net profit of $25.4 million or 38 cents per share, down sharply from $33.2 million or 50 cents in the same quarter last year.
Revenues for the regional telecom company were down 3.7 per cent to $408.4 million from $424.3 million.
Operating revenues for MTS, which includes its wireless, Internet and cable services, were $252.7 million, an increase of 2.5 per cent from $246.6 million in the same quarter in 2012.
For its Allstream business division, operating revenues were $164.1 million, down 12 per cent form $186.2 million.
In early October, federal Industry Minister James Moore, acting under national security provisions of the Investment Canada Act, rejected a deal that would have seen Allstream sold to Accelero Capital Holdings, an Egyptian investment group.
Manitoba Telecom had signed an agreement last spring to sell Allstream in a deal that valued the operations at $520 million.