TORONTO β BCE Inc. reported a surge in second quarter profit Thursday and as it added new customers and saw improved results in segments affected by COVID-19.
The parent company of Bell Canada and media companies that include CTV, TSN and radio stations said it had net earnings attributable to common shareholders of $685 million or 76 cents per share, up from $237 million or 26 cents per share a year earlier.
Overall revenues climbed 6.4 per cent to $5.7 billion, up from nearly $5.4 billion in the prior year quarter.
BCE said it added 115,906 wireless mobile phone, retail internet and IPTV net additions, up 75 per cent from the year-ago period, including more wireless subscribers on device financing plans.
The company's Bell Media division saw a 30.4 per cent boost in revenue to $755 million as advertisers returned across its TV, radio, outdoor and digital platforms and it recorded higher subscriber revenue.
The segment could see a further boost as more people return to the office, said chief executive Mirko Bibic on an investor call.
"As businesses get back to the office, in some manner or shape or form in the months to come, thatβs going to bode well for radio advertising and out of home advertising coming back.β
The company, however, will be looking to capitalize on its online assets and content to boost digital advertising revenues going forward, said Bibic.
βOur digital-first pivot is where the real growth is going to come, and itβs really exciting, the team is really executing on that as well, because grabbing a bigger share of digital advertising spend speaks to a lot of potential growth in the quarters and years ahead.β
On an adjusted basis, overall net income increased 31 per cent to $751 million or 83 cents per share, compared with $573 million or 63 cents per share in the second quarter of 2020.
Analysts on average expected the telecom giant to report 78 cents per share in adjusted profits on $5.73 billion of revenues, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Aug. 5, 2021.
Companies in this story: (TSX:BCE)
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