May 30th, 2024

BCE reports Q1 profit and operating revenue down from year ago

By The Canadian Press on May 2, 2024.

BCE Inc. headquarters is seen in Montreal on Thursday August 3, 2023. BCE Inc. reported its first-quarter profit fell compared with a year ago as it faced higher severance, acquisition and other costs related mainly to job cuts.THE CANADIAN PRESS/Christinne Muschi

MONTREAL – BCE Inc. reported its first-quarter profit fell compared with a year ago as it faced higher severance, acquisition and other costs related mainly to job cuts.

The company also says it faced increased net mark-to-market losses on derivatives, higher interest costs and increased depreciation and amortization expenses.

BCE says it earned a profit attributable to common shareholders of $402 million or 44 cents per share for the quarter ended March 31.

The result compared with a profit of $725 million or 79 cents per share in the same quarter last year.

Operating revenue totalled $6.01 billion, down from $6.05 billion in the first quarter of 2023.

On an adjusted basis, BCE says it earned 72 cents per share in its latest quarter compared with an adjusted profit of 85 cents per share in the same quarter last year.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:BCE)

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