National News

Telus profits jump 33 per cent in Q2

By The Canadian Press

VANCOUVER - Telus Corp. (TSX:T) says second-quarter profits jumped 33 per cent on growth in both its wireless and wireline businesses.

The telecommunications company reported profits of $381 million, or 62 cents per share, compared to $286 million or 44 cents per share a year ago.

On an adjusted basis, results were equal to 63 cents per share from 54 cents.

Operating revenue grew 4.4 per cent to $2.95 billion from $2.83 billion.

Telus says it added 78,000 wireless customers on contracts, 23,000 subscribers for its television services and 15,000 high-speed Internet customers.

Overall subscriber growth was slightly better than expected, said RBC Capital Markets analyst Drew McReynolds in a note.

He noted that the company's wireless division showed a stronger momentum than he anticipated as more customers transitioned to higher-priced two-year contracts for their smartphones, rather than the three-year plans that were the industry standard before rule changes by regulators.

Telus shares were ahead 16 cents to $38.12 in morning trading on the Toronto Stock Exchange.

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