By Canadian Press

Telus posts double-digit profit and revenue growth in second quarter

Jul 30, 2021 | 4:49 AM

VANCOUVER — Telus Corp. posted double-digit profit and revenue increases in its latest quarter a day after announcing the acquisition of new spectrum licences for $1.95 billion.

The Vancouver-based company and owner of one of Canada’s three national wireless networks says its net income attributable to common shareholders climbed 15.5 per cent to $335 million in the second quarter from $290 million a year earlier.

That equalled 25 cents per share for the three months ended June 30, two cents per share better than the second quarter of 2020.

Adjusted profits were $348 million or 26 cents per share, compared with $316 million or 25 cents per share in the prior year quarter.

Revenues increased 10.3 per cent to $4.1 billion, from $3.7 billion, driven by an increase in customer, mobile phone and fixed customer net additions.

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Telus was expected to report 26 cents per share in adjusted profits on $4.08 billion of revenues, according to financial data firm Refinitiv.

“TELUS’ continued execution excellence, realized against the backdrop of the ongoing global pandemic, was characterized by the consistent combination of industry-leading and profitable customer growth, yielding strong financial results across our business as evidenced by 10 per cent consolidated revenue and EBITDA growth,” said CEO Darren Entwistle.

This report by The Canadian Press was first published July 30, 2021.

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The Canadian Press