Telus posts Q2 results, drops out of BCE bid

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TelusIt was looking uncertain that Telus would be completely dropping out of the bidding war for Bell, but after announcing its Q2 report, they’ve put the deal to bed. The Globe and Mail says that federal regulations from right here in Ottawa could have soured the deal; in order to avoid a monopoly situation, Telus would have had to sell off some of their assets to counterweight the acquisition of Bell.

As for the quarterly results themselves, which announced an profit drop from $253.1 million to $356.6 million, Telus’ CEO Darren Entwistle wasn’t exactly happy.

“I am less than satisfied with these quarterly results. While wireless revenue and subscriber growth of 11 per cent and wireline data revenue growth of eight per cent remained robust, earnings did not meet expectations. This was largely caused by excess costs associated with the implementation of the new wireline billing and client care system as well as from the introduction of wireless number portability and the commercial failure of the launch of AMP’d Mobile. We are dedicated to much better performance in coming quarters, as evidenced by the reiteration of our public guidance for 2007.”