Quebecor Inc. (TSX:QBR.B) says its Videotron telecommunications business had a solid third quarter that largely offset soft results at its media business.
The Montreal-based company had a $45.1 million net profit in the third quarter and $65.6 million or 53 cents per share of adjusted earnings from continuing operations, both improved over the comparable results a year earlier.
In the third quarter of 2013, Quebecor had a $188.8-million net loss, or $1.53 per share, largely because of fluctuations in the value of its intangible and financial assets, and $63.1 million or 51 cents per share of adjusted earnings.
This year's third-quarter adjusted profit was four cents above an estimate of 49 cents per share compiled by Thomson Reuters.
The quarter covered the three months ended Sept. 30, before the Montreal-based telecommunications and media company announced plans to sell Sun Media's 175 English-language newspapers and publications to Postmedia for $316 million cash.
Overall revenue was essentially flat, slipping two-tenths of a percentage point to $1.02 billion.
Quebecor's telecommunications segment increased its revenue by 3.3 per cent or $23.5 million but that was offset by a $19.9 million decline at its media segment and a 3.6 million decline at the sports and entertainment segment.
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