Telus third-quarter profit slips despite revenue, subscriber growth

VANCOUVER – Telus Corp. (TSX:T) had a lower third-quarter profit despite higher revenue and continued subscriber growth, as expenses and accounting items took a bigger bite out of its earnings.

The Vancouver-based telecom company’s net income fell to $355 million from $365 million in the third quarter of 2015.

Its adjusted earnings were $383 million for the quarter ending Sept. 30, down from $398 million in the same period last year.

Basic earnings per share fell to 59 cents from 61 cents, while adjusted earnings slipped to 65 cents, down a cent.

Revenue rose to $3.24 billion from $3.16 billion.

The wireless services division saw revenue grow by 4.9 per cent to $1.7 billion, while landline services revenue was $1.4 billion, up 2.3 per cent.