Rogers’ profits slump as restructuring costs rise

Rogers Communications has reported lower year-over-year profits in the first quarter, citing among other reasons higher restructuring costs and an increase in the adjusted operating loss of its traditional media business. The Toronto-based telecommunications giant said net income in the three months ending March 31 was $248 million or 48 cents per share, down from $255 million or 50 cents per share in the same 2015 period. Adjusted net income, which excludes certain one-time items, was $263 million or 51 cents per share, down from $275 million or 53 cents in the prior-year period. Revenue was $3.245 billion, up 2 per cent from $3.175 billion, reflecting growth of 5 per cent in its wireless operations and 2 per cent in business solutions. That was offset by a decline of 2 per cent in its cable business and 3 per cent in media. (CP)