Rogers posts $482-million quarterly profit, revenue edges up

Rogers Communications Inc. RCI-B-T reported a third-quarter profit attributable to shareholders of $482-million as its total revenue edged up 2 per cent compared with a year ago.

The company says the profit amounted to 88 cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of $5.71-billion or $10.54 a year ago when it saw a $5-billion non-cash gain related to its stake in Maple Leaf Sports and Entertainment and $151-million gain on the redemption of long-term debt.

On an adjusted basis, Rogers says it earned $1.29 per diluted share in its latest quarter, down from an adjusted profit of $1.37 per diluted share a year ago.

Revenue totalled $5.44 billion, up from $5.35 billion in the same quarter last year, while service revenue amounted to $4.78-billion, up from $4.74-billion.

Earlier this month, Rogers said it completed its purchase of the remaining 25-per-cent stake in MLSE it did not already hold, giving it complete ownership of the sports conglomerate that includes the Maple Leafs, Raptors, Toronto FC and Argonauts.