TORONTO — Rogers Communications Inc., Canada’s biggest cable television company, shaved its losses in the second quarter, but it’s hardly out of the financial woods yet.
Toronto-based Rogers said Thursday that its loss for the second quarter ended June 30 dropped to C$2.9 million ($2.1 million) from $16.5 million a year earlier, excluding non-recurring items.
Revenue in the quarter climbed 8.7% to $674.8 million with wireless communications, cable television and Rogers’ publishing and broadcasting operations all posting gains, although cable’s contribution to revenue growth was a paltry 5%.
Last year, Rogers sold cable systems serving 220,000 customers, but revenue was still $1.44 million higher in the latest quarter thanks to rate hikes and greater penetration of the Combo package discretionary tier.
Rogers had 2.2 million basic cable customers at the end of the quarter, a drop of 7,400 since the end of the first quarter.
Rogers also operated 182 video stores across Canada at the end of the second quarter, an increase of 28 from a year earlier. Video store revenue rose to $21.8-million in the second quarter, up 15.2%.
Rogers Cantel Mobile Communications Inc., an 80% owned cell phone and paging subsidiary, contributed 64% of Rogers revenue growth.