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Telus Q1 profit rises 10% as revenue tops $2 billion

Wireless revenue increased 3% to $979m

By CBR Staff Writer

Canadian telecom company Telus has reported a 10% increase in net income to C$322m ($279m) for the first quarter 2009, compared to C$292m ($253m) in the year-ago quarter, on revenue up 1% at C$2.37 billion ($2.05 billion).

Operating income fell 9% to C$479m ($415m), diluted EPS grew 12% to C$1.01 ($0.87), and EBITDA declined 5% to C$906m ($785m).

Wireline revenue was flat at C$1.28 billion ($1.1 billion), while wireless revenue increased 3% to C$1.13 billion ($979m).

Darren Entwistle, president and chief executive at Telus, said: Telus’ wireless results do not meet the expectations we set late last year and are reflective of the weakening Canadian economy and competitive activity. We have significantly increased our restructuring cost estimate for this year to approximately $125m to drive efficiency and enhance our competitiveness. We are continuing to invest in our core business including our broadband wireless and wireline networks.

For fiscal 2009 the company has reduced its guidance to revenue between C$9.7 billion ($8.4 billion) and C$9.9 billion ($8.57 billion) and basic EPS between C$3.35 ($2.9) and C$3.75 ($3.24).

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