TORONTO — Rogers Communications Inc. reported a net loss in its latest quarter as it was hit by a charge related to one of its joint venture investments.
The cable and wireless company says it lost $99 million or 20 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $371 million or 71 cents per diluted share a year ago.
The results in the most recent quarter included a $422-million loss on an obligation to purchase at fair value the non-controlling interest in one of its joint ventures’ investments.
On an adjusted basis, Rogers says it earned $1.27 per diluted share in its most recent quarter, up from an adjusted profit of 84 cents per diluted share a year earlier.
Revenue in the company’s third quarter totalled $5.09 billion, up from $3.74 billion in the same quarter last year.
Rogers says its net increase in mobile phone subscribers totalled 261,000 for the three-month period, its best quarterly result ever, while its net increase in internet subscribers amounted to 18,000 for the quarter.
This report by The Canadian Press was first published Nov. 9, 2023.
Companies in this story: (TSX:RCI.B)
The Canadian Press
