Rogers records adjusted profit of $544 million in second quarter amid Shaw takeover
By The Canadian Press on July 26, 2023.
TORONTO – Rogers Communications Inc. saw its profit decrease by 73 per cent to $109 million in its most recent quarter when it closed its deal to buy Shaw Communications Inc. The Toronto-based telecommunications company says its second-quarter profit compared with a net income of $409 million in the same period last year. The profit amounted to diluted earnings per share of 20 cents for the period ending June 30, down from 76 cents during its previous second quarter. Rogers says the significant drop in net income and diluted earnings per share reflects an ongoing increase of approximately $500 million in quarterly depreciation and amortization from the assets acquired in its $26-billion merger with Shaw, which closed in April. On an adjusted basis, its net income totalled $544 million, a 17 per cent increase from $463 million during the prior second quarter, while its adjusted diluted earnings per share moved from 86 cents to $1.02 per share. Revenue for the period grew 30 per cent to $5 billion in the most recent quarter, up from $3.9 billion in the previous second quarter. This report by The Canadian Press was first published July 26, 2023. Companies in this story: (TSX:RCI.B) 9-8
