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‘The focus of this organization is to leverage the power of our network performance’
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A pedestrian walks past the Tellus Harbor Building in Toronto. Photo by Brent Levine/Bloomberg Files
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VANCOUVER – Telus Corp said Friday that the reliability of its network helped it add a record number of subscribers in the second quarter as it posted a 45 percent increase in net income.
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“The hallmarks of our organization are going to be consistency and excellence in execution during the pandemic, during the pandemic, after the pandemic or any other exogenous event or any other industry development,” Chief Executive Darren Entwistle said on an earnings call. ,
He joined Rogers Communications Inc. on July 8. declined to comment on the outage, which cut services for millions of customers across Canada, but said Telus remains focused on keeping its own operations running well.
“The focus of this organization is leveraging the strengths of our network performance.”
The company added a record 247,000 net customers for the second quarter, including 93,000 in mobile, thanks to both lower turnover and additional customers.
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Higher subscriber numbers helped the company report net income of $498 million for the second quarter, up from $344 million in the same period last year.
Earnings per share for the period ended June 30 were 34 cents, up 36 percent from 25 cents per share.
Profits increased as the company saw a 2.1 percent increase in its average revenue per unit in mobile, as roaming revenue increased due to a return to international travel. The division is also seeing increased use of 5G data as more customers use the devices to stream video.
On an adjusted basis, Telus reported a profit of $422 million in the quarter, up 21 percent from $348 million during the same period in 2021.
Revenue in the second quarter reached $4.4 billion, up seven percent from $4.1 billion a year ago.
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Mobile contributed the most to operating revenue, up 6.4 percent, to $1.6 billion, while the company’s investments in the health and agriculture sectors drove growth. Health services revenue rose 7.9 percent to $137 million and agriculture grew 39.7 percent to $81 million.
Telus is actively working to grow the segment, including a deal in the quarter to buy LifeWorks Inc., an HR firm formerly known as Morneau Schapel.
LifeWorks helps companies with employee and family assistance plans, absenteeism management, pension and benefits administration and retirement planning.
The company is valued at $2.9 billion, including debt, intended to help Telus grow further in employee welfare and health care services. Telus Health provides virtual care and gives patients access to digital pharmacy options, home health monitoring and electronic health records.
Entwistle said the deal was approved by shareholders on Thursday.
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