Net profit down 42% for BCE

Net profit down 42% for BCE
Net profit down 42% for BCE

Bell Canada Enterprises (BCE) recorded a decline in its profit for the first quarter of its 2024 financial year, which the company attributes, among other things, to severance pay provided during the dismissal of its employees in recent months.

The telecommunications company’s net profit fell 42% to $457 million for its first quarter of 2024, compared to the same period the previous year.

Earnings per share reached 44 cents, representing a decline of 44.6%.

According to the company, these declines are explained in particular by “increased costs related to severance, acquisitions and others resulting mainly from workforce reduction initiatives”.

Operating revenues amounted to just over $6 billion, a decline of 0.7% compared to the first quarter of 2023.

A drop in operating revenue was also noted at Bell Media with a decrease of 7.1% to $725 million for the quarter which has just ended.

“The results we are reporting today reflect the Bell team’s continued ability to navigate an environment of increased competition and deliver operating results that meet our expectations for the quarter,” reacted Mirko Bibic, president and CEO of BCE and Bell Canada.

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