Quebecor posts higher Q2 adjusted earnings, but $45.1-million net loss
MONTREAL – Quebecor Inc. (TSX:QBR.B) is reporting a $45.1-million net loss attributable to shareholders and $52.9 million of adjusted income from continuing operations for its second quarter.
The adjusted earnings equal 85 cents per basic share, up from 72 cents per share or $46.1 million in the second quarter of 2012.
The most recent quarter included a $130-million non-cash expense related to the reduced valuation of Quebecor’s financial instruments.
The net loss before adjustments compared with a net profit of $65.5 million or $1.02 per share in the second quarter of 2012.
Quebecor is the majority owner of Quebecor Media, which owns a variety of telecommunication, broadcasting and publishing businesses.
The earnings report was issued early Thursday, before a federal regulator was to rule on whether Quebecor’s Sun TV can be carried on basic cable.
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