Telus profits up in Q3, largely driven by wireless network growth
Despite missing its latest profit estimations, Telus, Canada’s third largest telecommunications company, still saw strong returns in the latest quarter, reporting a 4.0% increase in revenue and 4.2% increase in profit to $370,000 year-over-year in Q3 2017.
“Telus reported strong third quarter results as we continue to drive high quality wireless, Internet and TV customer additions, anchored by solid revenue and growth and industry-leading performance for customer service and loyalty,” said Darren Entwistle, President and CEO of Telus.
The reason for the firm missing its profit expectations was an increase in expenditure in the attempt to add more subscribers to its network within a fiercely competitive Canadian telecommunications industry.
“In addition to benefitting our customers and the Canadian economy, our capital investments have been instrumental in the success of our wireless and wireline growth strategy, which has now delivered 28 consecutive quarters of wireless ARPU growth and 20 successive quarters of wireline growth,” Entwistle continued.
The result of this saw Telus adding 152,000 new wireless, internet and TV subscribers, up 41% compared to Q3 2016, leading to its entire wireless subscriber base hitting the 8.8mn mark, up 3.7% year-over-year.
Further, the firm’s network revenue grew by 6.8% to 1.8bn in wireless, largely reflecting a significant number of customers moving to Telus’ higher rate plans.