Rev up 8% from last year, but co. posts $37 mil net loss
TORONTO — Given the economic climate, Rogers Communications’ third-quarter performance — a mixed bag with hefty customer gains and red ink — was on target, according to prexy-CEO Ted Rogers.
For the quarter ended Sept. 30, Canada’s largest cabler posted a net loss of C$57.8 million ($37 million), compared with last year’s profit of $100.4 million. That profit was an anomaly, however, based on a break-up fee of $160 million from Rogers’ failed takeover of Videotron.
Revenue for the third quarter was $609.2 million, an 8% jump from a year earlier.
Wireless revenue grew by 31.5%, cable by 34.4% and media by 7.3%.
In September, Rogers and other cablers launched close to 50 digital specialty channels, with Rogers owning a stake in the Biography Channel, MSNBC and TechTV. Rogers boasted subscriber growth of 109.7% for digital cable customers for the quarter over the same period a year ago.