TORONTO — Rogers Communications Inc. missed expectations as its net profit was cut by more than half in the second quarter on a 17 per cent drop in revenues.
The Toronto-based telecom company, which warned that its results would be weakened by the challenges of COVID-19, earned $279 million or 54 cents per diluted share.
That’s down from $591 million or $1.15 per share a year earlier.
Excluding one-time items, adjusted net income was $310 million or 60 cents per share for the period ended June 30, compared with $597 million or 48 cents per share in the second quarter of 2019.
Revenues were $3.15 billion, down from $3.78 billion a year earlier.
Rogers was expected to report 71 cents per share in adjusted profits on $3.18 billion of revenues, according to financial markets data firm Refinitiv.
“As Canada’s business environment slowly improves, we will rely on our strong balance sheet, world-class networks, and leading market share position to support long-term growth and drive shareholder value,” said president and CEO Joe Natale.
This report by The Canadian Press was first published July 22, 2020.
Companies in this story: (TSX:RCI.B).
The Canadian Press
