Telus Q4 profit down, revenue up

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Telus posted their Q4 2008 financial results today, reporting a drop in profit, but growth in revenue. Telus’ Fourth-quarter earnings fell to C$285 million (US$231.7 million), or 89 Canadian cents a share, from C$400 million, or C$1.22 a share, a year earlier. Telus blamed the loss in profit on fewer tax-related gains and increased spending on restructuring. Telus recorded favorable tax-related adjustments of C$32 million, compared with C$143 million a year earlier. It also said restructuring costs increased by C$32 million.

On the positive side, revenue rose 5.3% to C$2.45 billion on growth in wireless revenue, as wireless subscribers spent more on text messaging and social networking. Telus stated that more subscribers were picking up feature-rich smartphones, like the BlackBerry, and using services like messaging and Facebook, which boosts data revenue.

|via Reuters|