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Rogers records $511M profit in Q1 as it prepared to close Shaw deal

Profit up by more than $100M compared with a year earlier
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Rogers corporate head office and headquarters seen from Ted Rogers Way in Toronto on Monday, Oct. 25, 2021. Rogers Communications Inc. saw its profit increase by 30 per cent to $511 million in its most quarter as it prepared to close a deal to buy Shaw Communications Inc. THE CANADIAN PRESS/Evan Buhler

Rogers Communications Inc. saw its profit increase by 30 per cent to $511 million in its most recent quarter as it prepared to close a deal to buy Shaw Communications Inc.

The Toronto-based telecommunications company says its first-quarter profit compared with a net income of $392 million in the same period last year.

The profit amounted to diluted earnings per share of $1 for the period ended March 31, up from 77 cents during its previous first quarter.

On an adjusted basis, its net income totalled $553 million, a 20 per cent increase from $462 million during the prior first quarter, while its adjusted diluted earnings per share moved from 91 cents to $1.09 per share.

Revenue for the period ticked up six per cent to $3.8 million in the most recent quarter, up from $3.6 billion in the previous first quarter.

The period covers the last quarter before Rogers combines with Shaw, which it purchased in March 2021 for $26 billion, but only got the final government approval to move forward with earlier this month.

This report by The Canadian Press was first published April 26, 2023.

Companies in this story: (TSX:RCI.B)

The Canadian Press

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