Rogers Communications Inc. experienced a 73% decline in profit to $109 million in the most recent quarter following the completion of its acquisition of Shaw Communications Inc.
The Toronto-based telecommunications company reported a net income of $409 million during the same period last year. The diluted earnings per share for the quarter ending on June 30 amounted to 20 cents, down from 76 cents in the previous second quarter.
Rogers attributes the significant decline in net income and diluted earnings per share to an increase of approximately $500 million in quarterly depreciation and amortization resulting from the assets acquired in its $26 billion merger with Shaw, which was finalized in April.
On an adjusted basis, Rogers’ net income totaled $544 million, representing a 17% increase from $463 million in the previous second quarter. The adjusted diluted earnings per share increased from 86 cents to $1.02 per share.
Revenue for the quarter grew by 30% to $5 billion compared to $3.9 billion in the previous second quarter.
© 2023 The Canadian Press
