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.
The result compared with a profit of $725 million or 79 cents per share in the same quarter last year.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. “Today’s results reflect the Bell team’s continued ability to successfully navigate a heightened competitive environment and achieve operational results in line with our expectations for the quarter,” Bibic said in a press release on Thursday.
It says the increase was driven by population growth, continued demand for 5G and bundled services, effective promotions and stronger performance by its discount carrier Virgin Plus.
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