Quebecor recorded a slight decline in profits and revenues in the third quarter of the current year.
The Quebec media and communications giant thus recorded a profit of $189.9 million during the quarter which ended September 30. Last year, during the same period, net profit was $209.1 million.
Quebecor’s revenues also fell to $1.39 billion, down $25.7 million (-1.8%) compared to the third quarter of 2023, despite an achievement of more than 132 000 lines added to its mobile phone services, as the company highlighted in a press release.
“Québecor reached an important milestone in the third quarter of 2024, while its Videotron, Freedom Mobile and Fizz brands globally surpassed the milestone of 4,000,000 mobile telephone lines,” welcomed Pierre Karl Péladeau, President. and CEO.
The Telecommunications sector, for its part, posted a drop of $26.9 million (-2.2%) in its revenues, notably due to wireline services, while those of the media sector decreased by $10.9 million ( -6.6%).
Conversely, revenues in the Sports and Entertainment sector increased by $4.3 million (7.2%).
“During the third quarter of 2024, TVA Group’s performance once again illustrates the difficult context in which we operate. TVA Group recorded a decrease of $4.3 million in its adjusted EBITDA, which reflects in particular the continued decline in advertising revenues from television activities,” specified Mr. Péladeau.
The latter recalled that Quebecor continued to implement the measures of the reorganization plan announced in November 2023 with the aim of reducing its operating costs.
“The savings generated by this plan […] were unfortunately largely offset by the application of the new 3% federal tax on digital services. Originally intended to target large foreign digital companies so that they contribute to our Canadian system, this unacceptable and unfair tax must be revised by the government in order to exclude Canadian companies that already pay their taxes in Canada.
